• SELECT SITE CURRENCY
Select a currency for use throughout the site
Summary: Winter Garden Housing Finance Corp., Texas; Single Family Multiple MBS Jul 12
Standard & Poors, July 2012
Standard & Poor's Ratings Services has lowered its long-term rating on Winter Garden Housing Finance Corp., Texas' single-family mortgage revenue bonds series 1994 to 'B-' from 'AA+', based on our view of the project's inability to sufficiently pay full and timely debt service on the bonds. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates. The rating reflects our view of the following: Revenues from mortgage debt service payments and investment earnings that are insufficient to pay full and timely debt service on the bonds plus fees; Debt service coverage to fall beyond investment-grade levels; and Asset/liability parity is below the benchmark for the life of the deal based on the...
Companies mentioned in this report are: Winter Garden Hsg Fin Corp
Action: Outlook: Negative
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.
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.
Winter Garden Hsg Fin Corp