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King County Housing Authority, Washington; Affordable Housing May 11
Standard & Poors, May 2011
Standard & Poor's affirmed the 'AA-' long-term rating on King County Housing Authority (KCHA), Wash.'s bonds series 1994A, issued for Cascadian Apartments. The outlook is stable. The rating reflects our view of the following credit strengths: Very strong debt service coverage of 2.58x maximum annual debt service (MADS) in the 2010 fiscal year; Very high occupancy at the property; Debt service reserve fund funded at 12 months' MADS; Experienced ownership, management, and oversight; and Perfected first-mortgage security interest in the real property and a perfected security interest in the funds held in the trust estate. These strengths are partially offset by an unrated insurance provider, First Mercury Insurance. The stable outlook reflects our view of the strong demand for affordable...
Companies mentioned in this report are: King Cnty Hsg Auth
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King Cnty Hsg Auth