- Language: English
- Published: December 2011
- Region: Florida
Orange County Housing Finance Authority, FL Series 1998C Bonds Rating Lowered To 'B+' On Declining Financial Performance Dec 11
- ID: 2029703
- December 2011
- Standard & Poors
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
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.