Northeast Housing LLC - Navy Northeast; Military Housing Sep 11
- ID: 1885356
- September 2011
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'AA- (sf)' and 'BBB+ (sf)' long-term and underlying (SPUR) ratings on Northeast Housing LLC's series 2007A and 2007B taxable military housing revenue refunding bonds, respectively. The outlook on the series 2007A and 2007B bonds is stable and negative, respectively. The ratings reflect our opinion of: High vacancy rate of 18% in fiscal year 2010; Lower-than-expected debt service coverage of 1.45x on the class I bonds and 1.16x on the class II bonds; Weighted average decrease of 2.3% in Basic Allowance for Housing (BAH) throughout the portfolio; and A debt service reserve surety provider, Ambac (NR). The ratings also reflect our view of the following strengths: Moderate-to-high essentiality of the military installations involved in...
Companies mentioned in this report are: GMH Military Housing - Navy Northeast LLC,Navy Fam Hsg Northeast LLC
Action: New Rating
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Research Type: Full Analysis