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Chicago Housing Authority, IL Series 2006 Bonds Rating Lowered To 'AA-' On Lower Debt Service Coverage Dec 11 Product Image

Chicago Housing Authority, IL Series 2006 Bonds Rating Lowered To 'AA-' On Lower Debt Service Coverage Dec 11

  • ID: 2029178
  • December 2011
  • Standard & Poors

Abstract
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: Downgraded
Action: Outlook: Negative

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Chicago Hsg Auth

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