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Texas State Affordable Housing Corp.; Affordable Housing
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.
Research Type: Full Analysis
Standard & Poor's Ratings Services assigned its 'A-(sf)' and 'BBB-(sf)' ratings to Texas State Affordable Housing Corp.'s (HDSA Texas Affordable Housing Pool Project) multifamily housing revenue bonds series 2011A and 2011B, respectively. The ratings reflect our opinion of: A first mortgage lien and pledge of all project revenues from the HDSA Texas Affordable Housing Pool Project; Projected debt service coverage of 1.38x and 1.20x for series 2011A and 2011B, respectively; Debt service reserve fund (DSRF) sized at six months' maximum debt service for both the series 2011A and 2012B bonds; Permitted investments and insurance with providers whose ratings are commensurate with the ratings of the bonds; Strength of many of the markets in which the properties are located; The strength...
Companies mentioned in this report are: American Opportunity Fndn,Texas St Affordable Hsg Corp
Action: New Rating
American Opportunity Fndn,Texas St Affordable Hsg Corp