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Summary: United States Govt Dept of Navy, DC; Appropriation, Appropriation Sep 04
Standard & Poors, September 2004
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: Outlook: Stable
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United States Govt Dept of Navy,Chalet Navy Properties, Ltd Partnership