NEW YORK (Standard & Poor's) Dec. 8, 2011--Standard & Poor's Ratings Services lowered its underlying rating (SPUR) on Chicago Housing Authority (CHA), Ill.'s capital program revenue refunding bonds series 2006to 'AA-' from 'AA'. These bonds are insured by Assured Guaranty Municipal Corp. The outlook is negative. The rating reflects our opinion of: The strong security of pledged federal public housing modernization funds (the capital fund) that CHA receives annually from the Department of Housing & Urban Development (HUD); Bond debt service coverage (DSC) currently at 2.44x; Anticipated DSC of at least 1x through maturity; Demonstrated HUD support for the transaction; CHA's position as the third-largest public housing authority in the U.S., and the moving-to-work (MTW) agreement that supports CHA's transformation...
Companies mentioned in this report are: Chicago Hsg Auth
Action: Outlook: Negative
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