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Summary: Northwest Georgia Consolidated Housing Authority; Multifamily FNMA Dec 11
Standard & Poors, December 2011
Standard & Poor's Ratings Services raised its long-term rating on Northwest Georgia Consolidated Housing Authority's (Callier Forest Apartments Project) multifamily housing revenue bonds series 2004 to 'AA+' from 'BB+', based on our view of the project's reliance on short-term market rate investments. The bonds are secured by a Fannie Mae mortgage-backed security. The outlook is negative. The rating reflects our view of the following: Revenues from mortgage debt service payments and investment earnings are sufficient to pay full and timely debt service on the bonds plus fees until the remarketing date; Extremely strong debt service coverage; Asset/liability parity is 101.73% as of Nov. 30, 2011, and is adequate until the remarketing date; Investments held in Goldman Sachs money market fund...
Companies mentioned in this report are: Northwest Georgia Cons Hsg Auth
Action: Outlook: Negative
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Northwest Georgia Cons Hsg Auth