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Summary: California Mobile Home Park Financing Authority, Millennium Housing Of California; Affordable Housing Jan 12 Product Image

Summary: California Mobile Home Park Financing Authority, Millennium Housing Of California; Affordable Housing Jan 12

  • Published: January 2012
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services raised its long-term rating to 'A' from 'A-' on California Mobile Home Park Finance Authority, Calif.'s series 2006A mobile home park revenue refunding bonds (Union City Tropics Mobile Home Park), issued for Millennium Housing of California. The outlook is stable. The raised rating reflects our view of the park's following strengths: Increase in debt service coverage (DSC) to 1.56x maximum annual debt service coverage (MADS) for the fiscal ended June 30, 2011; Decrease in expenses and an increase in incomes leading to improvement in the expenses ratio; Strong occupancy at the property; and A debt service reserve fund (DSRF) funded at 12 months' MADS. We believe the above-mentioned strengths are partially offset by the park's...

Companies mentioned in this report are: Millennium Hsg of California,California Mobile Home Pk Fing Auth
Action: Outlook: Stable
Action: Upgraded

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Millennium Hsg of California,California Mobile Home Pk Fing Auth

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