Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to Kentucky Housing Corp.'s (KHC) $30 million housing revenue bonds series 2009C-4 series and $20 million housing revenue bonds series 2011B. At the same time, Standard & Poor's removed its ratings on KHC's parity debt from CreditWatch with negative implications based on our view of continued high parity and strong performance by the mortgage portfolio. The ratings were affirmed. The outlook is stable. The rating reflects our opinion of: The high quality of the collateral supporting the bonds, which consists primarily of Federal Housing Administration (FHA)-insured or Veterans Administration-guaranteed single-family mortgage loans and some FHA-insured multifamily loans; A very strong assets-to-liabilities ratio of more than 108%; A cash flow that...
Companies mentioned in this report are:
- Kentucky Hsg Corp
Action: New Rating
Action: Outlook: Stable
Action: Removed From CreditWatch
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. SHOW LESS READ MORE >