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Army Hawaii Family Housing LLC; Military Housing Jun 09 Product Image

Army Hawaii Family Housing LLC; Military Housing Jun 09

  • ID: 2083251
  • June 2009
  • Region: Hawaii
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services lowered its underlying rating (SPUR) to 'BBB-' from 'A+' on Army Hawaii Family Housing LLC's series 2005 classes III-A and III-B bonds. The outlook is negative. Standard & Poor's also affirmed its 'AA' rating and SPUR on the project's military housing revenue bonds, series 2005 classes I-A, I-B, and II. The outlook is stable. The ratings reflect our view of the following weaknesses: A decrease of 2.29% in basic allowance for housing (BAH) in 2009, preceded by a less than 0.1% increase in BAH at the project in 2008, based on the projected distribution of units; Higher-than-anticipated expenses at the project; Higher-than-anticipated vacancy at the project; and Higher-than-anticipated debt service expense on the project's class...

Companies mentioned in this report are: Island Palm Comntys LLC
Action: Downgraded

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Research Type: Full Analysis

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