Summary: Sanctuary Housing Assn. ?110 Mil. Senior Secured Bonds Due 2031 Jun 10

Standard & Poors, June 2010

Abstract
Actual net interest coverage ratio is healthy at 1.36x and above the minimum covenant of 1.15x at the recent performance date in March 2010. Rent collection performance on the charged portfolio is strong at 100% at performance date and exceeds the minimum covenant of 90%. Credit support includes a 12-month debt service reserve (DSR) and fixed charge over specific properties. Sanctuary Housing Assn., the underlying borrower, has a strong management team, and strong operating and financial performance. Partial bullet maturity in September 2031 could result in refinancing risk, although in our view this risk is partially mitigated by the presence of some valuation and sinking fund covenants. The 'AA-' rating on the -110 million senior secured bonds due 2031 issued...

Companies mentioned in this report are: Sanctuary Capital PLC,Sanctuary Housing Assn.
Action: Review

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.

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.

Sanctuary Capital PLC,Sanctuary Housing Assn.

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