NEW YORK - Moody's Investors Service said it has upgraded the rating of Illinois Housing Development Authority's (IHDA) housing bond program to Aa3 from A1 (principal balance outstanding as of June 30, 2011, is $409 million). The rating outlook is now stable.
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The rating is based on the strong financial position of the program as reflected in an asset to debt ratio of 149% and the composition and strong performance of the multifamily mortgage loans securing the bonds.
It also reflects the financial position of IHDA (issuer rating of A1/Stable).
