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 'AA-' from 'AA'; Class II by two notches to 'A+' from 'AA'; and Class III by two notches to 'A' from 'AA-'. The downgrade was driven by rising debt service, weaker-than-anticipated occupancy levels, and limited growth in basic allowance for housing (BAH) rates. 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. The ratings reflect our view of: Fiscal 2015 annual debt service coverage (DSC) of 3.93x, 2.33x, and 1.59x on the class
