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Rhode Island Housing & Mortgage Finance Corp.; Multifamily Whole Loan Jun 11
Standard & Poors, June 2011
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
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Rhode Island Hsg & Mtg Fin Corp