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Fort Benning Family Communities LLC, Georgia; Military Housing Dec 11
Standard & Poors, Dec 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'AA (sf)', 'AA (sf)', and 'AA- (sf)' long-term ratings on Fort Benning Family Communities LLC (Fort Benning Housing Privatization Project), Ga.'s series 2006 class I, class II, and class III military housing bonds, respectively. The outlook is stable. The ratings reflect our view of: The project's financial strength, as demonstrated by debt service coverage (DSC) of 3.50x, 1.96x, and 1.41x on the class I, II, and III bonds, respectively, based on 2010 audited financial statements; A reduction in debt service costs to below pro forma levels in 2010 due to the redemption of bonds in 2009; The high military essentiality of Fort Benning and its sub-installation, Camp Merrill; and The project's very strong...
Companies mentioned in this report are: Fort Benning Family Comntys , LLC
Action: Affirmed
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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