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S&P Credit Research1023 word report
published Nov 04, 2009
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S&P Credit Research
| Abstract: | Standard&Poor's Ratings Services affirmed its 'AAA' rating on Texas Department of Housing and Community Affairs' multifamily housing revenue bonds (Aspen Park Apartments) series 2006. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The bonds are backed by a mortgage loan that is secured by an irrevocable standby Fannie Mae credit enhancement facility. The rating reflects our view of the following: The extremely high credit quality, of the Fannie Mae credit facility; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; An asset-to-liability ratio of 100.79% as of Oct. 20, 2009; and Extremely strong investment quality.
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Texas Department Of Housing And Community Affairs; FNMA Collateral Agreement Publication date: 04-Nov-2009 Primary Credit Analyst: Renee J Berson, New York (1) 212-438-7966; renee_berson@standardandpoors.com...
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| Report Type: | Summary
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| Issuer: | Texas Dept of Hsg&Comnty Affairs
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| Sector: | Global Issuers, Public Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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