Summary: Independent Cities Finance Authority, California Millennium Housing of California; Affordable Housing Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services affirmed its 'A+ (sf)' rating on Independent Cities Finance Authority, Calif.'s mobile home park revenue refunding bonds, series 2007A, and its 'A (sf)' rating on the issuer's mobile home park subordinate revenue refunding bonds, series 2007B, issued on behalf of Millennium Housing of California for the Westlake Mobile Home Park (MHP). The outlook is stable. The affirmation reflects our view of the following strengths: Strong debt service coverage (DSC) of 1.74x maximum annual debt service coverage (MADS) for the senior bonds and 1.58x MADS for the subordinate bonds for the fiscal year ended June 30, 2011; The park's high asset quality, contributing in part to its very strong occupancy rate; Excellent ownership and management by...

Companies mentioned in this report are: Millennium Hsg of California,Independent Cities Fincg Auth
Action: Affirmed
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Millennium Hsg of California,Independent Cities Fincg Auth

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