...Military Housing Ratings Mostly Stable: Military housing bond (MHB) ratings have remained largely stable since Fitch's 2013 "Military Housing Snapshot" was published. During that time, the Fitch-rated MHB portfolio experienced 23 affirmations and two downgrades, and three bonds have maintained Negative Outlooks. MHBs Facing Long-Term Pressure: While the U.S. Army announced personnel cuts this year, this reduction will not likely affect Fitch's ratings on MHBs in the short term; however, an ongoing shrinking of the force may become a longer term risk as the magnitude of the cuts could compound over time and put some MHBs under pressure. The cuts will affect 30 Army installations, and of the 25 bases throughout the military branches that secure Fitch rated bonds, five are on the list planned for changes. One base will gain a small amount of personnel in the plan and the other four will lose approximately 5%6% of its respective Army military personnel. Half of Portfolio Out of IDP Mode: Seven...
