Summary: Fort Carson Family Housing LLC; Military Housing Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+ (sf)' underlying rating (SPUR) on Fort Carson Family Housing LLC, Colo.'s class I military housing revenue bonds series 1999. The outlook is stable. The rating reflects our view of the following: Strong debt service coverage ratio of 2.23x on the class I bonds based on 2010 financial data; High military essentiality of the bases served by the project; Very strong asset quality, consisting of a federally appropriated revenue stream, strong and sustained demand for the privatized housing, and the high quality of the real estate collateral supporting the bonds; Strong occupancy of 97% as of Sept. 2011; and An average increase of 5% in Colorado Springs' basic allowance for housing for all...

Companies mentioned in this report are: Fort Carson Fam Hsg LLC
Action: Affirmed
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Fort Carson Fam Hsg LLC

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