U.S. Public Finance Report Card: Military Housing Apr 05

Standard & Poors, April 2005

Abstract
Ratings of newly issued military housing bonds and debt obligations continued to strengthen during the first quarter, with $1.3 billion par value rated, compared with $2.0 billion in bond par value rated in all of 2004. New ratings in the sector have ranged from 'AA' to 'BBB'. The sector's strength is largely due to the fact that the bonds are supported by revenue streams from military housing projects, where the source of the rental income at the project is the Department of Defense (DoD) basic allowance for housing (BAH). The DoD housing allowance appropriation has had steady increases over time, and demand for the housing has usually been very strong, even when bases are located in weak real estate markets....

Companies mentioned in this report are: Fort Meade,Fort Carson Fam Hsg LLC,Lewis-McChord Communities, LLC,Fort Hood Family Hsg LLC,Little Rock Hsg Assoc II Ltd Partner,Camp Pendleton & Quantico Hsg, LLC,Fort Irwin Land, LLC,Navy Fam Hsg Northeast LLC,Fort Eustis/Fort Story Hsg LLC,Fort Sam Houston, LP.

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Fort Meade,Fort Carson Fam Hsg LLC,Lewis-McChord Communities, LLC,Fort Hood Family Hsg LLC,Little Rock Hsg Assoc II Ltd Partner,Camp Pendleton & Quantico Hsg, LLC,Fort Irwin Land, LLC,Navy Fam Hsg Northeast LLC,Fort Eustis/Fort Story Hsg LLC,Fort Sam Houston, LP.

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