Summary: Missouri Housing Development Commission; Multifamily FHA Insurance Feb 13

Standard & Poors, February 2013

Abstract
Standard & Poor's Ratings Services has assigned its 'AA' long-term rating to Missouri Housing Development Commission's (MHDC) multifamily housing revenue bonds series 2013-1, issued for Friendship Village Apartments. At the same time, Standard & Poor's affirmed its 'AA' rating on the existing bonds issued under the resolution. The 'AA' rating reflects our opinion of the following: The mortgage loan insured by Federal Housing Administration (FHA) under section 542(c) of the Housing and Community Development Act; The debt service reserve fund sized at six months' debt service; MHDC's general obligation pledge (AA+) to cover certain potential shortfalls; The cash flows demonstrating sufficiency of mortgage payments and investment earnings to pay full and timely debt service and expenses on the bonds until...

Companies mentioned in this report are:
- Missouri Hsg Dev Comm

Action: New Rating

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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.

- Missouri Hsg Dev Comm

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