Standard & Poor's Ratings Services affirmed its 'A+' long-term rating on the King County Housing Authority, Wash.'s series 1995A multifamily housing revenue bonds issued on behalf of Fairwood Apartments. The outlook is stable. The rating reflects our view of the apartments': Solid improvement in coverage to 2.21x maximum annual debt service (MADS), based on unaudited financial statements for fiscal 2010; Increase in rental revenues and a significant decline in expenses leading to improvement in the expenses ratio; Strong occupancy rate of 98% in December 2010; and Low loan-to-value ratio of 25% based on a cap rate of 8.5%. Partly offsetting the above strengths is our view of the apartments' debt service reserve fund funded at 10 months' MADS. The stable...
Companies mentioned in this report are: King Cnty Hsg Auth
Action: Outlook: Stable
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