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Bexar County Housing Finance Corp., Texas; Housing, Affordable Housing May 02
Standard & Poors, May 2002
Abstract
The ratings on Bexar County Housing Finance Corp., Texas' multifamily mortgage revenue bonds (Iron Horse Valley Apartments Project) senior series 2002A, senior series 2002B, and subordinate series 2002C bonds reflect the following strengths: Strong project net operating income sufficient to service debt at 1.55 times (x) for senior debt, and adequate project net operating income to service overall debt at 1.40x on the subordinate bonds; Good quality property with affordable rents, proven demand and favorable location; Good ownership by the Maple Avenue Economic Development Corp. (MAEDC); Strong property management by Anterra Management Co.; A replacement reserve of more than $325 per unit per year; A debt service reserve funded at maximum annual debt service; A project loan to value (LTV)...
Companies mentioned in this report are: Bexar Cnty Hsg Fin Corp
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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