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Aurora Military Housing III LLC, Alaska Joint Base Elmendorf-Richardson; Military Housing Jun 11
Standard & Poors, June 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A+' long-term rating to Aurora Military Housing III LLC, Alaska's $155 million series 2011A military housing revenue bonds on behalf of the Joint Base Elmendorf-Richardson (JBER) Housing Privatization Project. The outlook is stable. The rating reflects our view of: JBER's high military essentiality as host to three Air Force wings and two Army brigades; The project's strong asset quality composed of the federally appropriated revenue stream, the demand for high-quality, on-base military family housing, and the expected quality of the end-state units, in addition to a very strong 98% occupancy rate at the prior two phases of family housing; The project's financial strength, as indicated by stable 1.31x maximum annual debt service (MADS)...
Companies mentioned in this report are: Joint Base Elmendorf Richardson,Aurora Military Housing III, LLC
Action: New Rating
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
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