Summary: Aurora Military Housing II LLC; Military Housing May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+ (sf)' long-term and underlying (SPUR) ratings on Aurora Military Housing II LLC's class I military housing bonds and its 'AA- (sf)' long-term and SPUR ratings on the class II military housing bonds, issued for Phase II of privatized military housing at Elmendorf Air Force Base (AFB). The outlook is stable. The rating reflects our view the following strengths: High debt service coverage ratios (DSCRs) of 2.80x and 2.32x on the class I and II bonds, respectively, based on 2010 audited 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...

Companies mentioned in this report are: Aurora Military Hsg II, LLC
Action: Affirmed
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Aurora Military Hsg II, LLC

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