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2009 class III bonds are secured by IHFA GO pledge and changes to the GO rating could potentially impact the rating on these bonds.
IHFA's largest indenture (2006 Indenture) remains mainly secured by a vulnerable loan portfolio which is only 48% (from 38%) federally insured; however, the portfolio is experiencing lower than average delinquency rates.
IMPROVED DEBT STRUCTURE: IHFA took advantage of refinancing opportunities in their bond indentures to reduce fixed and variable rate interest expense and to stabilize the cash flow outlook of the bond indentures with a GO pledge.
STRONG MANAGEMENT OVERSIGHT: IHFA has a strong management team that has historically demonstrated financial awareness and has effectively addressed market challenges.
ASSET PARITY SHORTFALL: There will be negative pressure on the bonds' rating if the asset parity levels on the class III bonds fall below minimum requirements; however, this is remote given the financial strength of the indenture along with bond legal covenants and IHFA management oversight.
AGENCY NET LOSSES: IHFA has increased their overall net financial position in FY2017.
IHFA used prepayments to call bonds resulting in no class III bonds remain outstanding for the 2003 Indenture, which were previously backed by IHFA's GO pledge.
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- Ihering, Rudolf Von