- Language: English
- Published: June 2012
Summary: King County Housing Authority, Washington; Affordable Housing Jun 11
- ID: 1817580
- June 2011
- Region: Washington
- Standard & Poors
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
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.
SHOW LESS READ MORE >
King Cnty Hsg Auth