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Summary: Mississippi Home Corp.; Multifamily GNMA Feb 13

  • ID: 2403518
  • February 2013
  • Region: Mississippi
  • Standard & Poors
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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

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 READ MORE >

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- Mississippi Home Corp

Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown