Summary: Dakota County Community Development Agency, Minnesota; FHLMC Collateral Agreement Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services raised its rating on Dakota County Community Development Agency, Minn.'s (Southfork Apartments) multifamily housing mortgage revenue refunding bonds series 2000 'to 'AA+' from 'B+'. The rating upgrade reflects our anticipation of full and timely debt service payment on bonds until maturity based on sufficient revenues from mortgage payments. The outlook is negative. The rating reflects our view of the following: The high credit quality of the Fannie Mae pass-thru certificate, which we consider to be 'AA+' eligible; Extremely strong debt service coverage; Investments held in First American Treasury Obligations Fund Class D money market fund (AAAm); and Asset/liability ratio is 100.69% as of Nov. 23, 2011. The rating also reflects the sovereign rating on the...

Companies mentioned in this report are: Dakota Cnty Comnty Dev Agy
Action: Outlook: Negative
Action: Upgraded

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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.

Dakota Cnty Comnty Dev Agy

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