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Rating Action:

Moody's Assigns a Aaa Rating to Hawaii Housing Finance and Development Corporation's Single Family Mortgage Purchase Revenue Bonds 2009 Series A-1, 2011 Series A and 2011 Series B; Outlook is Negative

18 Nov 2011

New York, November 18, 2011 --

Moody's Rating

Issue: 2009 Series A - 1 (Program Bonds) (Non - AMT); Rating: Aaa; Sale Amount: $30,000,000; Expected Sale Date: 11/21/2011; Rating Description: Housing Other

Issue: Single Family Mortgage Purchase Revenue Bonds, 2011 Series A (Refunding Market Bonds) (Non - AMT); Rating: Aaa; Sale Amount: $7,005,000; Expected Sale Date: 11/21/2011; Rating Description: Mortgage: Single-Family: Whole Loans

Issue: Single Family Mortgage Purchase Revenue Bonds, 2011 Series B (New Money Market Bonds) (Non-AMT); Rating: Aaa; Sale Amount: $12,995,000; Expected Sale Date: 11/21/2011; Rating Description: Mortgage: Single-Family: Whole Loans

Opinion

Moody's Investors Service has assigned a rating of Aaa to Hawaii Housing Finance and Development Corporation's Single Family Mortgage Purchase Revenue Bonds 2009 Series A-1, 2011 Series A and 2011 Series B (the 2009 Bonds), with a combined par amount of $50,000,000. We have also affirmed the rating on all of the parity bonds issued under the Single Family Mortgage Purchase Revenue Bond Trust Indenture ($83,195,000 outstanding).

The outlook for the ratings is negative based on the outlook for the rating of the US government.

RATINGS RATIONALE

The rating is based on the high level of security provided by the asset to debt ratio of the Indenture, Indenture assets consisting primarily of mortgage-backed securities (MBSs) issued by Ginnie Mae and Fannie Mae, and conservative investments.

STRENGTHS

Strong financial performance of the Indenture, with PADR of 1.154 (as of the 6/30/10 audit) and profitability of 8.78%

Pledged assets consist primarily of MBS, minimizing risk of losses due to mortgage loan delinquencies or foreclosures

Debt consists of long-term fixed-rate bonds

CHALLENGES

Withdrawals of funds from the Indenture, including at the request of other parts of State government, could erode program strength over time, although none are currently contemplated

Significant deterioration of investment counterparty ratings could have a negative impact

Outlook

The outlook on the rating is stable due to the strength of the program's fundamental credit characteristics.

What Could Make the Rating Go Up

NA

What Could Make the Rating Go Down

Downgrade of the US

Material downgrade of investment providers

Significant deterioration of indenture financial performance, including reductions in asset to debt ratios, erosion of profitability or weakened cash flows

The principal methodology used in this rating was Strength in Structure: Moody's Approach to Rating Single-Family Housing Bonds Secured by Mortgage-Backed Securities published in May 1999. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are considered EU Qualified by Extension and therefore available for regulatory use in the EU. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

William Fitzpatrick
VP - Senior Credit Officer
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Florence Zeman
Senior Managing Director
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Assigns a Aaa Rating to Hawaii Housing Finance and Development Corporation's Single Family Mortgage Purchase Revenue Bonds 2009 Series A-1, 2011 Series A and 2011 Series B; Outlook is Negative
No Related Data.
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