Indiana Housing & Community Development Authority (Global Ministries Fellowship-Stone Lake Project, Series 2011A, 2011A-T); Affordable Housing Nov 11
Standard & Poors, November 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to Indiana Housing & Community Development Authority's multifamily housing revenue bonds (Global Ministries Fellowship-Stone Lake Lodge Apartments Project) series 2011A and taxable 2011A-T. The outlook is stable. The rating reflects our opinion of: A first mortgage lien and a pledge of all project revenues from the Stone Lake Lodge Apartments to the bondholders; Projected debt service coverage (DSC) of 1.4x maximum annual debt service (MADS) on the series 2011 bonds; Debt service reserve funds sized at 12 months' MADS on the series 2011A and taxable 2011A-T bonds; Permitted investments and insurance with providers whose ratings are commensurate with the rating on the bonds; and Strong sponsorship and management of the...
Companies mentioned in this report are: Global Ministries Fellowship,Indiana Hsg & Comny Dev Auth
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
Global Ministries Fellowship,Indiana Hsg & Comny Dev Auth
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