Norfolk Redevelopment & Housing Authority, Virginia; Affordable Housing
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'AA' long-term rating on Norfolk Redevelopment & Housing Authority (NRHA), Va.'s (Merrimack Landing Apartments) revenue refunding bonds series 1997. The outlook is stable. The affirmation reflects our view of the following factors: Very strong debt service coverage (DSC) of 2.82x as per 2010 audited financial statements; Very low loan-to-value (LTV) ratio of 8.4%; Strong occupancy rates at the property; and Debt service reserve fund (DSRF) funded at more than 12 months' maximum annual debt service (MADS). The stable outlook reflects our opinion of the property's high occupancy, low LTV ratio, and strong debt service coverage. Given the project's operating history, Standard & Poor's expects that the property will remain at its current rating...
Companies mentioned in this report are: Norfolk Redev & Hsg Auth
Action: Affirmed
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Research Type: Full Analysis
Norfolk Redev & Hsg Auth
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