Standard&Poor's Ratings Services affirmed its 'AA'' rating on Fort Benning Family Communities LLC, Ga.'s series 2006 class I and class II taxable military housing revenue bonds, and its 'AA-' rating on Fort Benning Family Communities' series 2006 class III bonds. These bonds are issued for the Fort Benning housing privatization project. The outlook is stable. The ratings reflect our view of: Very strong debt service coverage (DSC) of 4.32x, 2.56x, and 1.75x maximum annual debt service (MADS) on the class I, II, and III bonds, respectively, based on audited financials as of December 2014; High asset quality consisting of a revenue stream derived from federally appropriated basic allowance for housing (BAH); and The high military essentiality of Fort
