...NEW YORK (S&P Global Ratings) May 1, 2017--S&P Global Ratings has downgraded all three classes of Fort Benning Family Communities LLC, Ga.'s series 2006 taxable military housing revenue bonds as follows: + Class I by one notch to '##-' from '##'; + Class II by two notches to 'A+' from '##'; and + Class III by two notches to 'A' from '##-'. "The downgrade was driven by rising debt service, weaker-than-anticipated occupancy levels, and limited growth in basic allowance for housing rates," said S&P Global Ratings credit analyst Raymond Kim. "The outlook on the class I and II bonds is stable but we also revised our outlook on the class III bonds to negative from stable," Mr. Kim added. The ratings reflect our view of: + Fiscal 2015 annual debt service coverage (DSC) of 3.93x, 2.33x, and 1.59x on the class I, II, and III bonds, respectively, based on audited financials as of Dec. 31, 2015. Once principal amortization on class II and III begins in fiscal 2016, we expect a noticeable drop to about...
