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Capital Trust Agency, Florida Cypress Oaks LLLP; Section 8
Standard & Poors, Jan 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
Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to Capital Trust Agency, Fla.'s multifamily housing revenue bonds series 2011, issued on behalf of Cypress Oaks LLLP. The rating reflects our opinion of: A first mortgage lien and a pledge of all project revenues from the Cypress Oaks Apartments to the bondholders; A pledge of revenue to the bondholders from a Department of Housing and Urban Development (HUD) Section 8 Housing Assistance Payment (HAP) contract through the term of the contract, which expires Nov. 21, 2023, and the pledge of expected renewal contracts with HUD under the Multifamily Assisted Housing and Reform Act of 1997 (MAHRA), extending for the life of the bonds upon the expiration of the existing...
Companies mentioned in this report are: Cypress Oaks Limited Partnership,Capital Trust Agency
Action: New Rating
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