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Summary: Clayton County Housing Authority, Georgia; FNMA Collateral Agreement Aug 11

  • ID: 1869464
  • August 2011
  • Region: Georgia
  • Standard & Poors

Standard & Poor's Ratings Services lowered its rating on Clayton County Housing Authority, Ga.'s (Williamsburg South Apartments Project) multifamily housing bonds series 2002A to 'B-' from 'BB' and assigned a negative outlook, based on our view of the project's reliance on short-term market rate investments. The rating reflects our view of the following: Revenues from mortgage debt service payments and investment earnings are insufficient to pay full and timely debt service on the bonds plus fees until maturity; Debt service coverage is projected to fall below investment-grade levels beyond April 2015; and Asset/liability parity is projected to fall below 100% in 2021. Credit strengths in the issue include our opinion of: Investments held in First American Treasury Obligations Fund Class...

Companies mentioned in this report are: Clayton Cnty Hsg Auth
Action: Downgraded
Action: Outlook: Negative

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Clayton Cnty Hsg Auth

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