Summary: Winter Garden Housing Finance Corp., Texas; Single Family Multiple MBS Jul 12

Standard & Poors, July 2012

Abstract
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: Downgraded
Action: Outlook: Negative

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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.

Winter Garden Hsg Fin Corp

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