Fairfax County Redevelopment & Housing Authority, VA Series 2004 Bonds Rating Raised To 'AA+'; Outlook Negative Dec 11
- ID: 2033274
- December 2011
- Standard & Poors
NEW YORK (Standard & Poor's) Dec. 15, 2011--Standard & Poor's Ratings Services raised its long-term rating on Fairfax County Redevelopment & Housing Authority , Va.'s (Island Walk Project) FHA-insured multifamily housing revenue bonds series 2004 to 'AA+' from 'BB+'. The outlook is negative. "The rating upgrade is based on our view of the project's reliance on short-term market rate investments," said Standard & Poor's credit analyst Renee J. Berson. The rating reflects our view of the following: The high credit quality of the FHA-insured mortgage loan collateral, which we consider to be 'AA+' eligible; Extremely strong debt service coverage; Investments held in Natixis Funding (A+/A-1), which is guaranteed by Caisse Des Depots (AAA/A-1+); and Asset/liability ratio is 103.00% as of...
Companies mentioned in this report are: Fairfax Cnty Redev & Hsg Auth
Action: Outlook: Negative
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