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Summary: Rating Outlooks On Two U.S. Public Housing Issues Revised To Negative; Capital Fund Financing Program Jun 11

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Abstract
Standard & Poor's Ratings Services revised its rating outlooks on two U.S. Public Housing Authority bond issues listed below to negative from stable, reflecting the 2011 capital fund appropriation of $2.044 billion, an 18.4% decrease from the $2.5 billion appropriated for 2010, as well as an additional test of an 18.4% cut in 2012 that puts additional stress on anticipated debt service coverage (DSC). Puerto Rico Housing Finance Authority's subordinate capital fund modern program bonds series 2008 (AMT) Woonsocket Housing Authority's capital fund housing revenue bonds series 2003 Following the 2011 enacted budget, Standard & Poor's tested DSC levels on rated issues by assuming a one-time 18.4% cut in each authority's 2011 allocation. We also applied an additional one-time 18.4%...

Companies mentioned in this report are: Puerto Rico Pub Hsg Admin,Puerto Rico Hsg Fin Auth,Woonsocket Hsg Auth
Action: Outlook: Negative


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.
 
Companies Mentioned
Puerto Rico Pub Hsg Admin,Puerto Rico Hsg Fin Auth,Woonsocket Hsg Auth
 
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