This report does not constitute a rating action. S&P Global Ratings’ long-term rating on Fort Huachuca-Yuma Proving Ground (YPG) Arizona Communities LLC , Arizona's series 2009 military housing taxable revenue bonds is ‘A+’. The outlook is stable. The bonds are secured by a ground lease granted by the U.S. Army to YPG. Net revenues consist primarily of rental payments from military tenants residing in the project's units. Unit tenants pay rent based on the Department of Defense's Basic Allowance for Housing (BAH), in accordance with the tenants'respective pay grades. As of fiscal 2025, $76.1 million in debt remains outstanding. The bonds funded a military housing privatization project with 1,270 residential units at two U.S. Army bases: Fort Huachuca and
