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California Municipal Finance Authority Caritas Corp.; Affordable Housing Sep 10
Standard & Poors, Sep 2010
Abstract
Standard & Poor's Ratings Services assigned its 'BBB-' rating to the California Municipal Finance Authority's mobile home park (MHP) senior revenue bonds, series 2010A, issued on behalf of Caritas Corp. for the Caritas MHP Projects. The rating reflects our view of the following strengths: Good debt service coverage (DSC) of approximately 1.36x; A cross-collateralized pool of four investment-grade parks in three locations throughout Southern California; Strong demand for the spaces at each of the MHPs due to their relative affordability, as evidenced by their strong occupancy; Ownership by an experienced owner with an extensive track record in the operation and management of MHPs; and A perfected first mortgage lien on the properties and a perfected security interest in funds held...
Companies mentioned in this report are: Caritas Acquisitions I, LLC,California Municipal Finance Authority
Action: New Rating
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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