Rhode Island Housing & Mortgage Finance Corp.; Multifamily Whole Loan Jun 11
Standard & Poors, June 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'A+' long-term and underlying (SPUR) ratings on Rhode Island Housing & Mortgage Finance Corp.'s (RI Housing) housing bonds. The outlook is stable. The ratings reflect our opinion of: Public subsidies and guarantees, including FHA insurance and/or Section 8, on nearly all of the 100 underlying multifamily loans; Strong performance of the existing portfolio, with an overall debt service coverage ratio (DSCR) of 1.56x; Cash flow projections showing the ability of pledged revenues to pay bond debt service plus fees under stress scenarios; High quality of investments, adequacy of reserves, and overall health of the resolution; and Strong asset management and oversight provided by RI Housing. These strengths are offset by our opinion of:...
Companies mentioned in this report are: Rhode Island Hsg & Mtg Fin Corp
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
Rhode Island Hsg & Mtg Fin Corp
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