OREANDA-NEWS. Fitch Ratings has affirmed the following ratings on various Idaho Housing & Finance Association (IHFA) single-family indentures (1997A-1999H):

--\$16.9 million single-family senior bonds, series 1997A-1999H at 'AAA';
--\$1.7 million single-family mezzanine bonds, series 1997F, 1997H-1999H at 'AAA'.

(See below for a detailed list of bond series)

The Rating Outlook for all of the bonds is Stable.

SECURITY

The security for the standalone indentures is the credit quality of each trust's collateral in the form of single-family mortgage loans. The respective bond programs are also secured by the respective reserve funds and investments pledged under the trust estate. Each series is separately secured.

KEY RATING DRIVERS

HIGH ASSET PARITY LEVELS: The 'AAA' ratings reflect the strong asset parity levels within the various single family indentures.

STRONG LOAN PORTFOLIOS: The underlying loan portfolios are well-seasoned and have a sizeable portion of loans with federal insurance which mitigates concerns over potential loan losses. Additionally, the various loan portfolios, in most cases, have performed favorably.

MANAGEMENT OVERSIGHT: IHFA has a sound management team that has demonstrated financial flexibility over the years and has effectively addressed market challenges.

RATING SENSITIVITIES

UNANTICIPATED LOAN LOSSES: Fitch expects minimal amounts of loan losses on the underlying loan portfolios given the volume of federally insured loans. However, there could be negative rating pressure on the various indentures should loan losses be greater than anticipated.

DECREASED ASSET PARITY RATIOS: Although remote, there could be negative rating pressure on the various indentures should asset parity ratios decrease to levels no longer sufficient for their 'AAA' ratings.

CREDIT PROFILE

The 'AAA' ratings on the various indentures reflect the high asset parity levels and the strong underlying loan portfolios. The senior and mezzanine bonds have asset parity maintenance requirements of 1.115x and 1.05x, respectively. As of Dec. 31, 2014, the various senior bonds had asset parity ratios ranging from 1.39x-5.91x and the various mezzanine bonds had asset parity ratios ranging from 1.25x-5.68x. Additionally, all of the various indentures have a debt service reserve fund sized at a minimum of 5% of bonds outstanding.

Fitch has affirmed the following bonds at 'AAA':

--IHFA single-family senior bonds, Series 1997A;
--IHFA single-family senior bonds, Series 1997C;
--IHFA single-family senior bonds, Series 1997E;
--IHFA single-family senior bonds, Series 1997F;
--IHFA single-family mezzanine bonds, Series 1997F;
--IHFA single-family senior bonds, Series 1997G;
--IHFA single-family senior bonds, 1997H;
--IHFA single-family mezzanine bonds, 1997H;
--IHFA single-family senior bonds, 1998C;
--IHFA single-family mezzanine bonds, 1998C;
--IHFA single-family senior bonds, 1998D;
--IHFA single-family mezzanine bonds, 1998D;
--IHFA single-family senior bonds, 1998E;
--IHFA single-family mezzanine bonds, 1998E;
--IHFA single-family senior bonds, 1998F;
--IHFA single-family mezzanine bonds, 1998F;
--IHFA single-family senior bonds, 1998G;
--IHFA single-family mezzanine bonds, 1998G;
--IHFA single-family senior bonds, 1998H;
--IHFA single-family mezzanine bonds, 1998H;
--IHFA single-family senior bonds, 1998I;
--IHFA single-family mezzanine bonds, 1998I;
--IHFA single-family senior bonds, 1999A;
--IHFA single-family mezzanine bonds, 1999A;
--IHFA single-family senior bonds, 1999B;
--IHFA single-family mezzanine bonds, 1999B;
--IHFA single-family senior bonds, 1999C;
--IHFA single-family mezzanine bonds, 1999C;
--IHFA single-family senior bonds, 1999D;
--IHFA single-family mezzanine bonds, 1999D;
--IHFA single-family senior bonds, 1999E;
--IHFA single-family mezzanine bonds, 1999E;
--IHFA single-family senior bonds, 1999F;
--IHFA single-family mezzanine bonds, 1999F;
--IHFA single-family senior bonds, 1999G;
--IHFA single-family mezzanine bonds, 1999G;
--IHFA single-family senior bonds, 1999H;
--IHFA single-family mezzanine bonds, 1999H.