Current Ratings

Moody's Investors Service has assigned the Authority's Homeownership Mortgage Bond rating at Aa1 with a positive outlook.

"The Aa1 rating with a positive outlook reflects Moody's expectations that the program will remain solid, if not grow financially over the term as a result of SDHDA's financial position, performance, and management."

- Moody's Investors Service, October 15, 2009

Standard & Poor's Rating Service has affirmed the Authority's Homeownership Mortgage program "AAA" rating with a stable outlook.

The ratings reflect:

• Extremely strong credit quality of the mortgage loan collateral with 66% of loans guaranteed by VA or insured by FHA or USDA Rural Development,
• Sufficient loan loss protections at the 'AAA' rating level,
• Fully funded reserves providing ample liquidity,
• Very high-quality investments, and
• Very strong cash flow strength beginning at more than 113% asset-to-liability parity.

- Standard & Poor's Public Finance, October 15, 2009