Summary: Montgomery County Industrial Development Authority, Pennsylvania New Regional Medical Center; Multifamily FHA Insurance Dec 11
- Language: English
- Published: December 2011
- Region: Pennsylvania
The 'BB' rating on El Paso County (FHA-insured taxable multifamily housing revenue bonds--Lynmar Apartments Project), Colo.'s series 1997A and taxable series 1997B has been affirmed. The bonds are secured by a mortgage loan, which is insured under section 221(d)4 of the National Housing Act. The rating reflects the credit shortfall that may occur if the mortgage note defaults. If this should occur, the 1% assignment fee that is not covered by FHA insurance and any reinvestment risk while the bondholders await payment from FHA may not be covered. Other rating factors include: The credit quality of the FHA-insured mortgage loan collateral; An asset-to-liability position of 100.69% as of June 2, 2006; Extremely strong investment quality; and Sufficiency of assets and...
Companies mentioned in this report are: El Paso Cnty
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