|
|
 |
|
Viewing report
|
|
|
|
Boynton Beach, Florida; Affordable Housing Dec 11
Standard & Poors, Dec 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'BB' underlying rating (SPUR) on Boynton Beach, Fla.'s multifamily housing mortgage revenue refunding bonds series 2002, issued on behalf of Clipper Cove Apartments. The outlook is negative. The affirmation reflects our opinion of the following weaknesses: Decline in debt service coverage (DSC) to 0.96x maximum annual debt service (MADS) as per audited financial statements for the fiscal year ended 2010; Rise in annual expenses of the property leading to deterioration in the expense ratio; and High loan-to-value ratio of 110.88%. However, the above weaknesses are partly offset by our view of the following strengths: Strong occupancy of 98% at the property; Debt service reserve fund funded at 12 months' MADS; and Higher DSC...
Companies mentioned in this report are: Boynton Beach
Action: Affirmed
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
|
|
|
|
