Summary: Nortex Housing Finance Corp., Texas; Single Family Multiple MBS Jan 13
- ID: 2386409
- January 2013
- Region: Texas
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'AA+' rating on Nortex Housing Finance Corp., Texas' single-family mortgage revenue refunding bonds (Ginnie Mae and Fannie Mae MBS Program) series 1996 and 1998. 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: The extremely high credit quality of the Ginnie Mae mortgage-backed security and Fannie Mae pass-through certificates, which we consider 'AA+' eligible under our rating criteria. The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The extremely strong investment quality; and The asset-to-liability ratio of 105.54% and 123.08% for...
Companies mentioned in this report are:
- Nortex Hsg Fin Corp
Action: Outlook: Negative
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