CHICAGO -- When Standard & Poor's Corp. affirmed the ratings on more than $1 billion of Illinois Housing Development Authority debt on Oct. 28, it marked a continuation of a trend that bases rating affirmations on self-supporting factors and not a state's moral obligation pledge on bonds.

Dana Bunting, a vice president at the rating agency, said there were enough factors such as the authority's general obligation pledge, mortgage insurance, subsidies, reserves, liquidity, cash flows, and investments to warrant an A-plus rating for $992 million of the debt and an AA rating for $18 million of debt. The A-plus rating on another $1.1 billion of housing debt had been affirmed in July based on similar self-supporting criteria.

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