Lucas Metropolitan Housing Authority, OH's Series 2011 Bonds Rated 'AA'; Outlook Stable Jan 12
- ID: 2046895
- January 2012
- Standard & Poors
NEW YORK (Standard & Poor's) Jan. 27, 2012--Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Lucas Metropolitan Housing Authority (LMHA), Ohio's capital funds housing revenue bonds series 2011. The outlook is stable. The rating reflects our view of the following: The strong security of pledged federal public housing modernization funds that LMHA receives annually from the Department of Housing & Urban Development (HUD); Bond debt service coverage (DSC) anticipated at 7.33x; After assuming 8.3% cuts in appropriations in both 2012 and 2013, followed by a compounded 4% annual cut in appropriations for the life of the bonds, and an additional 5% annual cut due to the distribution of high performer bonuses, anticipated DSC of at least 1x...
Companies mentioned in this report are:
- Lucas Metropolitan Housing Authority
Action: New Rating
Action: Outlook: Stable
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