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Summary: Olathe, Kansas; Multifamily FNMA
Standard & Poors, April 2011
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.
Standard & Poor's Ratings Services affirmed its rating 'BB+' long-term rating on Olathe, Kan.'s (Bristol Point Apartments) Fannie Mae collateralized multifamily housing revenue refunding bonds series 1997A, based on our view of the project's reliance on short-term market rate investments. The rating reflects our view of the following: The insufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Debt service coverage falling only to 1.051x at bond maturity; The high credit quality of the assets consisting of a Fannie Mae pass-through certificate; Investments held in Fidelity Treasury money market fund (AAAm); and An asset-to-liability ratio of 100.87% as of April 7, 2011. Standard & Poor's has...
Companies mentioned in this report are: Olathe