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Summary: Nortex Housing Finance Corp., Texas; Multifamily Multiple MBS Dec 11
Standard & Poors, December 2011
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to Nortex Housing Finance Corp., Texas' $12 million single-family housing revenue bonds (guaranteed mortgage-backed securities program) series 2009A-1, issued under its New Issue Bond Program (NIBP) indenture. The outlook is negative. The rating reflects our opinion of: The very high quality of assets supporting the bonds, consisting of Ginnie Mae and Fannie Mae mortgage-backed securities (MBS) and reserves; Investments that are commensurate with the rating on the bonds; and Sufficiency of revenues to pay debt service and fees when due. The rating also reflects the sovereign rating on the U.S. (AA+/Negative). Should the rating on the U.S. be upgraded to 'AAA' and the bond program meet all criteria commensurate with...
Companies mentioned in this report are: Nortex Hsg Fin Corp
Action: New Rating
Action: Outlook: Negative
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.
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.
Nortex Hsg Fin Corp