Fort Huachuca-Yuma Proving Ground Arizona Communities LLC; Military Housing

This report does not constitute a rating action. S&P Global Rating?s long-term rating on Fort Huachuca-Yuma Proving Ground (YPG) Arizona Communities LLC , Ariz.'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 the issuer. 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 2024, $76.9 million of debt remains outstanding. The bonds funded a military housing privatization project with 1,270 residential units at two U.S. Army bases: Fort Huachuca

...Net cash flow ($000s) 13,147 11,875 11,759 Class I debt outstanding ($000s) 76,910 77,570 78,180 Class I MADS ($000s) 7,053 7,053 7,053 Class I DSC ratio (x) 1.86 1.68 1.67 Class I DSRF ($000s) 7,053 7,053 7,053 MADSMaximum annual debt service. DSCDebt service coverage. DSRFDebt service reserve fund. Ratings List Current Ratings Housing Fort Huachuca-YPG Arizona comntys LLC, AZ Military Housing A+/Stable The ratings appearing below the new issues represent an aggregation of debt issues (ASID) associated with related maturities. The maturities similarly reflect our opinion about the creditworthiness of the U.S. Public Finance obligor's legal pledge for payment of the financial obligation. Nevertheless, these maturities may have different credit ratings than the rating presented next to the ASID depending on whether or not additional legal pledge(s) support the specific maturity's payment obligation, such as credit enhancement, as a result of defeasance, or other factors....

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