Standard & Poor's Ratings Services has raised its underlying rating (SPUR) on Capmark Military Housing Trust XXXIX, Calif.'s military housing revenue bonds series 2008A2 bonds to 'A+ (sf)' from 'A (sf)'. At the same time, Standard & Poor's affirmed its 'AA+ (sf)' long-term rating and SPUR on the trust's military housing revenue bonds series 2008A1A. The outlook is stable. The rating action reflects our view of the following strengths: The high quality of the assets supporting the bonds, including the federally appropriated revenue stream and the real estate collateral; The financial strength of the transaction as indicated by debt service coverage (DSC) on series 2008A1A class I and 2008A2 class II of roughly 1.72x and 1.67x, respectively, based on 2011...
Companies mentioned in this report are: Capmark Military Hsg Trust XXXIX
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