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CHFA AAA rating affirmed by S&P

Date Posted: Tuesday, December 27, 2011
 
FOR IMMEDIATE RELEASE
Contact:  Lisa Kidder, CHFA Director of Communications
(o) 860-571-4355, (c) 860-471-7426

S&P REMOVES CHFA FROM WATCH LIST; AFFIRMS AAA RATING

ROCKY HILL, Conn., December 27, 2011 – Standard & Poor’s removed the Connecticut Housing Finance Authority (CHFA) from its watch list, affirmed the Authority’s AAA rating and assigned it a stable outlook.  S&P had placed CHFA’s bonds under negative CreditWatch in August, when it downgraded the federal government’s rating, because CHFA’s collateral for the bonds consists mainly of mortgages that benefit from government insurance and guarantees. Moody’s Investors Service Inc., maintained its Aaa rating of CHFA.
“The stable outlook reflects our opinion of the financial strength of the bonds and the strong oversight of the authority,” said Standard & Poor’s credit analyst Moraa Andima.
“Because CHFA’s $3.6 billion in outstanding bonds are a contingent liability of the state, the fact that the Authority has maintained this credit rating on those bonds is of benefit to every taxpayer in Connecticut, not just CHFA’s borrowers.  My congratulations to Chairman Smith, the CHFA Board of Directors and its staff,” said Governor Malloy.
 
 
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The Connecticut Housing Finance Authority (CHFA) was created in 1969 by the Connecticut Legislature as a self-supporting quasi-public housing agency charged with expanding affordable housing opportunities for the state’s low- and moderate-income families and individuals. CHFA has helped almost 120,000 Connecticut individuals and families become homeowners through its low-interest single family mortgage programs. In addition, CHFA has financed the creation of over 32,000 affordable, quality rental units throughout the state. To date, the combined mortgage financing for CHFA’s single-and multifamily housing programs exceeds $11 billion. For more information: http://www.chfa.org