Summary: Nortex Housing Finance Corp., Texas; Multifamily Multiple MBS Dec 11

Standard & Poors, December 2011

Abstract
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

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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.

Nortex Hsg Fin Corp

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