U.S. Public Finance Report Card: U.S. Housing Finance Agencies Saw More Positive Than Negative Rating Actions In 2011 Mar 12
- Language: English
- Published: March 2012
- Region: United States
The 'BB' rating on Illinois Development Finance Authority's Section 8 elderly housing revenue refunding bonds series 1994A (Galesburg Towers project) has been affirmed. The rating continues to reflect the decline in debt service coverage, which was .85x maximum annual debt service as of fiscal year-end 2002. Other rating factors include: Ownership by Galesburg Towers Associates II L.P.; Management by Promex Midwest, AMO; and A Section 8 subsidy, which is coterminous with bond maturity. The latest audited financial results for the fiscal year ended Oct. 31, 2002, indicate that the performance of the property continues to decline with debt service coverage of .85x maximum annual debt service from 1.06x the prior year. The owner verified in January 2003 that the coverage...
Companies mentioned in this report are:
- Illinois Fin Auth
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. SHOW LESS READ MORE >
- Illinois Fin Auth