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Lucas Metropolitan Housing Authority, OH's Series 2011 Bonds Rated 'AA'; Outlook Stable Jan 12 Product Image

Lucas Metropolitan Housing Authority, OH's Series 2011 Bonds Rated 'AA'; Outlook Stable Jan 12

  • ID: 2046895
  • January 2012
  • Standard & Poors

Abstract
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

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- Lucas Metropolitan Housing Authority

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