Summary: Fort Carson Family Housing LLC, Colorado; Military Housing Dec 10

Standard & Poors, December 2010

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+' underlying rating (SPUR) on Fort Carson Family Housing LLC, Colo.'s military housing revenue bonds, series 1999. The rating reflects our view of the following credit strengths: The high military essentiality of Fort Carson; Stable debt service coverage (DSC) of 2.01x for the fiscal year ended Dec. 31, 2009; Strong occupancy of 96% at the project as of August 2010; A 7% increase in the area's average basic allowance for housing (BAH) in 2010; Completed construction at the project; and A U.S. Department of Defense (DoD) full-faith and credit base closure guaranty. The bonds are secured by a first mortgage lien on this privatized military housing transaction, representing improvements in 15 housing areas...

Companies mentioned in this report are: Fort Carson Fam Hsg LLC
Action: Affirmed
Action: Outlook: Stable

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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.

Fort Carson Fam Hsg LLC

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