Jan. 25 – Standard & Poor’s Ratings Services lowered its
rating to ‘AA+’ from ‘AAA’ on the Utah Housing Corp.’s (UHC)
series 1998F, 1998G, and 2000B Class I bonds and removed the
rating from CreditWatch with negative implications, where it had
been placed on Aug. 8, 2011. Standard & Poor’s also affirmed its
‘AAA’ rating on UHC’s series 2000, 2007, and 2009 parity bond
programs and removed the rating from CreditWatch with negative
implications, where it had been placed on Aug. 8, 2011. The
outlook on all ratings is stable.

The rating actions reflect our view of the presence of
guaranteed investment contracts with Caisse des Depots et
Consignations, which Standard & Poor’s downgraded to
AA+/Negative from AAA/Watch Neg on Jan 23, 2012.

RELATED CRITERIA AND RESEARCH

USPF Criteria: Single-Family Whole Loan Programs, June 14,
2007

Complete ratings information is available to subscribers of
RatingsDirect on the Global Credit Portal at
www.globalcreditportal.com. All ratings affected by this rating
action can be found on Standard & Poor’s public Web site at
www.standardandpoors.com. Use the Ratings search box located in
the left column.

Primary Credit Analyst: Lawrence Witte, San Francisco (1)
415-371-5037; larry_witte@standardandpoors.com

Secondary Contact: Karen Fitzgerald, San Francisco (1)
415-371-5023; karen_fitzgerald@standardandpoors.com