Summary: United States Govt Dept of Navy, DC; Appropriation, Appropriation Sep 04
Standard & Poors, September 2004
Abstract
The 'AA' rating on Chalet Navy Properties L.P., N.Y.'s bonds, issued for the United States Government Department of Navy, reflects: The U.S. Navy's guarantee payments under the lease, and The demonstrated sufficiency of cash flows to cover all debt service payments and operational costs. The bonds are secured by a leasehold mortgage on the properties and an assignment of leases, rents, and other revenues from the properties. Revenues from the leases are generated by room rentals to Navy personnel occupying rooms at the leased facilities at predetermined rates. Payment of the room rental rates is solely the responsibility of Navy personnel and is not an obligation of the Navy. If 75% occupancy by Navy personnel is not achieved at each...
Companies mentioned in this report are: United States Govt Dept of Navy,Chalet Navy Properties, Ltd Partnership
Action: Affirmed
Action: Outlook: Stable
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.
United States Govt Dept of Navy,Chalet Navy Properties, Ltd Partnership
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