Standard&Poor's Ratings Services raised its long-term ratings on HP Communities LLC's military housing revenue bonds series 2008A, 2008B, and 2008C to 'AA- (sf)', 'A- (sf)', and 'BBB+ (sf)' from 'A- (sf)', 'BBB (sf)', and 'BB (sf)', respectively. The outlook is stable. The upgrade reflects our view of: Improved debt service coverage (DSC) of 1.6x, 1.31x, and 1.29x on the series 2008A, 2008B, and 2008C bonds, respectively, based on audited financial statements as of Dec. 31, 2011; The moderate-to-high essentiality of Hanscom Air Force Base (AFB), which manages development and acquisition of electronic command and control systems; the high essentiality of Little Rock AFB, which is the host unit of the 314th Airlift Wing; the high essentiality of Patrick
