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Carbondale Housing Corp., Pennsylvania; Section 8 Oct 11
Standard & Poors, Oct 2011
Abstract
Standard & Poor's Ratings Services revised the outlook on its rating on Carbondale Housing Corp., Pa.'s (Summit Garden Apartments Project) Section 8-assisted multifamily housing bonds series 1978A to positive from stable. At the same time, Standard & Poor's affirmed its 'BBB-' long-term rating on the bonds. The rating reflects our opinion of the following strengths: Increase in debt service coverage (DSC) to 1.22x maximum annual debt service (MADS) as per audited financial statements for the fiscal year ended Dec. 31, 2010; Recent rental increase received by the project in 2010; Strong occupancy rates at the property; and Debt service reserve fund fully funded at MADS. However, in our view, the above strengths are offset by the following weaknesses: Contract rents...
Companies mentioned in this report are: Carbondale Hsg Corp
Action: Outlook Revised
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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