Summary: De Kalb County Housing Authority, Georgia; FNMA Collateral Agreement Feb 13

Standard & Poors, February 2013

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+/A-1+' rating on De Kalb County Housing Authority, Ga.'s series 1995 multifamily housing revenue refunding bonds (Clairmont Crest Project). The outlook is negative. The bonds are backed by a mortgage loan that is secured by an irrevocable standby Fannie Mae credit enhancement facility, which we consider 'AA+' eligible under our rating criteria. The rating reflects our view of the following: 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 investments held in Fidelity Institutional money market funds Treasury portfolio (AAAm); The strong investment quality; and The asset-to-liability ratio of 102.18% as of Jan. 28, 2013. The rating...

Companies mentioned in this report are:
- De Kalb Cnty Hsg Auth

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.

- De Kalb Cnty Hsg Auth

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