NEW YORK (S&P Global Ratings) Aug. 28, 2019--S&P Global Ratings lowered its rating on Fort Huachuca-Yuma Proving Ground (YPG) Arizona Communities LLC's series 2009 taxable military-housing revenue bonds three notches to 'BBB+' from 'A+'. The outlook is negative. The rating action reflects S&P Global Ratings' opinion of historically decreasing basic allowance for housing revenue, putting continuous strain on net operating project income. This resulted in lower debt service coverage the rating service considers commensurate with lower-rated peers. "If the project were to continue to experience negative movement in basic allowance for housing without a similar decrease in operating expenses, leading to financial stability faltering, or if operating expenses were to continue to outpace recent modest basic allowance for housing growth,
