Summary: Poway, California; Affordable Housing Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services affirmed its 'AA-' rating on Poway, Calif.'s mobile home park revenue bonds, series 2003A, issued on behalf of Wakeland Housing and Development Corp. for Poinsettia Mobile Home Park (MHP). The outlook is stable. The rating reflects our view of: Very strong debt service coverage (DSC) of 2.03x maximum annual debt service coverage (MADS) for the fiscal year ended June 30,2011; Strong demand for the park's spaces, as indicated by its high occupancy rate; Good ownership and management by Wakeland Housing and Development Corp.; and A fully funded debt service reserve fund (DSRF) sized at 12 months' MADS. The bonds are secured by a first-lien pledge of net operating revenue from Poinsettia MHP. The borrower used...

Companies mentioned in this report are: Poway
Action: Affirmed
Action: Outlook: Stable

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Poway

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