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Summary: New York St Dorm Auth; Housing, Multifamily FHA Insurance Nov 05 Product Image

Summary: New York St Dorm Auth; Housing, Multifamily FHA Insurance Nov 05

  • ID: 1952477
  • November 2005
  • Region: New York
  • Standard & Poors

FEATURED COMPANIES

  • New York State Dorm Auth
  • MORE

Abstract
The 'AAA' rating on New York State Dormitory Authority's FHA-insured mortgage nursing home revenue bonds (Wesley Health Care Center Inc.) series 1997 has been affirmed. The bonds are secured by a mortgage loan, which is insured under section 232 of the National Housing Act. The rating continues to reflect: The credit quality of the FHA insured mortgage loan collateral; An asset-to-liability position of 110.32% as of Sept. 30, 2005; Investments held pursuant to a guaranteed investment contract with Bayerische Landesbank and a U.S. Treasury Bill; and Sufficiency of assets and revenues to pay debt service and expenses. The bonds were issued to refund a portion of a prior series 1984A bond issue and pay the cost of issuance of this...

Companies mentioned in this report are:
- New York State Dorm Auth

Action: Affirmed

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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- New York State Dorm Auth

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