Research And Markets Research And Markets

Summary: Illinois Dev Fin Auth; Housing, Section 8 Jan 03

  • ID: 1722078
  • January 2003
  • Region: Illinois
  • Standard & Poors
1 of 3

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 Finance Authority

Action: Affirmed

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 READ MORE >

Note: Product cover images may vary from those shown
2 of 3

- Illinois Finance Authority

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown