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California Mobile Home Park Financing Authority, Millennium Housing Of California; Affordable Housing Jan 12
Standard & Poors, Jan 2012
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: Upgraded
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
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