S&P Global Ratings Affirmed its 'AA-' long-term rating on Fort Huachuca-Yuma Proving Ground Arizona Communities LLC's series 2009 taxable military housing revenue bonds. The outlook is stable. The rating reflects the application of our affordable multifamily housing criteria released June 19, 2014, and, more specifically, our view of the project's: Strong economic fundamentals and market dependencies, reflecting very strong demand drivers and an adequate local housing market; Very strong strategy and management bolstered by experienced ownership and property management teams and a joint venture partnership with the U.S. Department of Defense (DoD); Very strong loss coverage level on the bonds, based on the transaction's ample over-collateralization; Strong financial performance, as reflected by annual debt service coverage (DSC) of 1.40 on
