Standard & Poor's Ratings Services assigned its 'AA' rating to New Orleans Navy Housing LLC, La.'s taxable military housing refunding revenue bonds, series 2012, issued for the Naval Complex New Orleans Family Housing Project. The rating reflects our view of the following strengths: No construction risk, as construction of the project was completed in 2003. The very strong quality of the assets supporting the bonds, including a revenue stream derived from the federally appropriated basic allowance for housing (BAH), demonstrated demand for military housing at the base, and the high quality of the real estate collateral supporting the bonds; The project's high degree of financial strength, as evidenced by our projections of strong net operating income (NOI) sufficient to cover...
Companies mentioned in this report are: New Orleans Navy Hsg, LLC
Action: New Rating
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