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Army Hawaii Family Housing LLC; Military Housing Jun 09

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

Action: Downgraded

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: Full Analysis

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- Island Palm Communities LLC

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