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Summary: Illinois Housing Development Authority Woodlawn Six, LP; Freddie Mac Direct Pay Apr 12
Standard & Poors, April 2012
Standard & Poor's Ratings Services assigned its 'AA+/A-1+' rating to Illinois Housing Development Authority's series 2012A variable rate demand multi family housing revenue bonds, issued on behalf of Woodlawn Six, LP (Woodlawn Six Apartments), based on the delivery of a direct-pay credit enhancement agreement provided by Freddie Mac (AA+/A-1+). The outlook is negative. The credit facility is sized at principal plus 35 days' interest calculated at the maximum rate of 12% on the bonds. Bonds will initially bear interest at a weekly rate, but can be converted to a reset or fixed rate. The credit facility must provide sufficient interest coverage before conversion of the interest rate to another mode. A mandatory tender will occur upon adjustment to a different...
Companies mentioned in this report are: Woodlawn Six, LP,Illinois Hsg Dev Auth,United States of America (Unsolicited Ratings),Freddie Mac
Action: New Rating
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.
Woodlawn Six, LP,Illinois Hsg Dev Auth,United States of America (Unsolicited Ratings),Freddie Mac