The rating on Oklahoma County Finance Authority, Okla.'s bonds, issued for Oakridge Village Apartments, reflects: - The vulnerability of a payment default due to debt service coverage of 1.0 times (x); - Lack of reserve funding; and - Subordination of payments. Additional credit factors are project-based Section 8 Housing Assistance Payments (HAP) contract pledged to the payment of series C debt service, and management provided by Barr Investments Inc. The collateral pledge for series C bonds consists of a third lien on the project and all project revenues, including the 15-year, nonrenewable HAP. Bonds are sold with series A ('A-') and series B bonds ('BB'), which have a first and second lien, respectively on the project (see related rationale for...
Companies mentioned in this report are: Oklahoma Cnty Fin Auth
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