Standard & Poor's Ratings Services assigned its 'AAA/A-1+' rating to Denver City and County (Garden Court Mutual Housing Association Inc.), Colo.'s variable-rate demand multifamily housing revenue refunding bonds, issued on behalf of Garden Court Community Project, reflecting the strong credit and liquidity enhancement of the bonds through an unconditional and irrevocable direct-pay credit facility provided by Fannie Mae. The credit facility is sized at principal plus interest calculated at the maximum rate of 12% on the bonds. There will be 39 days of interest coverage for the first interest period and then 34 days of interest coverage thereon after. The bonds will initially bear interest at a weekly rate but can be converted to a reset or fixed rate. The...
Companies mentioned in this report are:
- Garden Court Mutual Hsg Assoc, Inc.
- Denver City & Cnty
Action: New Rating
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