Summary: Mississippi Home Corp.; Multifamily GNMA Feb 13

Standard & Poors, February 2013

Abstract
Standard & Poor's Ratings Services has affirmed its 'AA+' long-term rating on Mississippi Home Corp.'s multifamily housing revenue bonds (Madonna Manor Apartments Project) series 2007-3A. The outlook is negative. The bonds are secured by a Ginnie Mae mortgage-backed security. The rating continues to reflect our view of the following: The high credit quality of the Ginnie Mae mortgage-backed security, which we consider 'AA+' eligible under our rating criteria; The sufficiency of revenues from mortgage debt service payments and investment earnings to make full and timely debt service payments on the bonds until maturity; The extremely strong investment quality of the bonds; and The asset-to-liability ratio of 100.38% as of Dec. 31, 2012. The rating also reflects the sovereign rating on...

Companies mentioned in this report are:
- Mississippi Home Corp

Action: Affirmed
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.

- Mississippi Home Corp

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