NEW YORK (Standard & Poor's) Dec. 8, 2011--Standard & Poor's Ratings Services lowered its long-term rating on Orange County Housing Finance Authority, Fla.'s (Housing and Neighborhood Development Services Inc. (HANDS)) multifamily housing revenue bonds (Green Gables Apartments Project) series 1998C to 'B+' from 'BB-'. The outlook is negative. The downgrade reflects our view of the following weaknesses of the project: Sharp declining trend in debt service coverage levels to 0.67 maximum annual debt service (MADS), based on audited financial statements for the fiscal year ended 2010; Receipt of advances from surplus funds held by HANDS to fulfill its financial obligations in fiscal 2010; High loan-to-value ratio; and Decrease in rental revenues by almost 6% and increase in expenses by 16%,...
Companies mentioned in this report are: Orange Cnty Hsg Fin Auth
Action: Outlook: Negative
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