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: Outlook: Negative
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