King County Housing Authority, Washington; Affordable Housing May 11
Standard & Poors, May 2011
Abstract
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
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
King Cnty Hsg Auth
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW6
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
