Standard & Poor's Ratings Services affirmed its 'A' long-term rating on Orange County Housing Finance Authority, Fla.'s multifamily housing revenue bonds series 1995A, issued on behalf of HANDS Inc. The outlook is stable. The affirmation reflects our view of the following strengths: Strong debt service coverage (DSC) of 1.91x maximum annual debt service (MADS), based on audited financial statements for the fiscal year ended Sept. 30,2010; Low loan-to-value ratio of 47.19%; Debt service reserve fund (DSRF) funded at 13 months' MADS; and Increased occupancy rates at the property. However, the above strengths are offset by our opinion of: Declining DSC over the past several years; Decline in net operating income due to increased expenses; and Deterioration of the expenses ratio...
Companies mentioned in this report are: Orange Cnty Hsg Fin Auth
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