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Summary: Kentucky Hsg Corp; Housing, Single Family Whole Loan
Standard & Poors, December 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The rating on Kentucky Housing Corp.'s (KHC) bonds reflects: The high quality of the collateral consisting primarily of FHA-insured or VA-guaranteed, single-family mortgage loans and some FHA-insured multifamily loans, The very strong ratio of assets to liabilities of more than 116%, Cash flow simulation demonstrating sufficient excess assets to absorb potential losses in a 'AAA' depression scenario that would not be covered by primary mortgage insurance, and High quality investments held under the resolution. The series 2003G bonds are fixed rate with interest paid semiannually. These bonds are subject to redemption from unexpended proceeds, principal repayments, and prepayments, excess revenues, or optional redemption on or after July 1, 2013, at par plus accrued interest, and from mandatory sinking fund redemptions....
Companies mentioned in this report are: Kentucky Hsg Corp
Action: New Rating
Kentucky Hsg Corp