Standard&Poor's Ratings Services affirmed its 'AA-', 'A', and 'A-' long-term ratings on HP Communities LLC, Colo.'s military housing revenue bonds series 2008A, 2008B, and 2008C, respectively. The outlook is stable. The ratings, in our opinion, reflect: Stable debt service coverage of 1.55x, 1.26x, and 1.25x on the series 2008A, 2008B, and 2008C bonds, respectively, based on 2009 unaudited financial statements as of Aug. 31, 2009; The assets supporting the bonds, including a revenue stream derived from the federally-appropriated basic allowance for housing (BAH) and the housing units currently available for occupancy; The project's financial capacity, as evidenced by strong projected net operating income sufficient to service debt at levels commensurate with the ratings, equity contributions from both the
