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Bexar County Housing Finance Corp., Texas Canton II, Inc.; Affordable Housing Sep 11
Standard & Poors, Sep 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A', and 'BBB' ratings to Bexar County Housing Finance Corporation's (the Inn at Los Patios Apartments Project) series 2011A senior living revenue bonds and taxable 2011A-T and 2011B subordinate senior living revenue bonds. The ratings reflect our opinion of: A first mortgage lien and pledge of all project revenues from the Inn at Los Patios Apartments Project to the bondholders; Projected debt service coverage of 1.45x and 1.24x for series 2011A and 2011B, respectively; Debt service reserve fund (DSRF) sized at 12 months' maximum debt service for both the series 2011A and 2011B bonds; Strength of the market in which the property is located; The strength of the program administration, particularly the project...
Companies mentioned in this report are: Canton II, Inc,Bexar Cnty Hsg Fin Corp
Action: New Rating
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: Full Analysis
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