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Aurora Military Housing LLC; Military Housing
Standard & Poors, May 2011
Abstract
Standard & Poor's affirmed its 'AA+' long-term and underlying (SPUR) ratings on Aurora Military Housing LLC, Alaska's military housing revenue bonds series 2005A, issued for privatized military housing at Elmendorf Air Force Base (AFB) Phase I. The outlook is stable. The rating reflects our view of the following strengths: Consistently high debt service coverage ratio (DSCR) of 2.81x based on 2010 financial statements; The continued high essentiality of Elmendorf AFB, located in Anchorage, which is the largest Air Force installation in Alaska and the headquarters for the Alaskan Command; Very strong asset quality, consisting of a federally appropriated revenue stream, strong and sustained demand for the privatized housing, and the high quality of the real estate collateral supporting the bonds;...
Companies mentioned in this report are: Aurora Military Hsg, LLC
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 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
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