...S&P Global Ratings affirmed its '##-(sf)' rating, 'A+(sf)' rating, and '###+(sf)' long-term rating and underlying rating (SPUR), with stable outlooks, on Fort Benning Family Communities LLC, Ga.'s series 2006 class I, II, and III taxable military housing revenue bonds. The ratings reflect our opinion of the project's: + Fiscal 2018 annual debt service coverage (DSC) of 2.3x, 1.63x, and 1.23x on class I; II; and III bonds, respectively, based on audited financials at Dec. 31, 2018, when using stabilized maximum annual debt service (MADS) of $29.4 million in fiscal 2036; + High asset quality, consisting of a revenue stream derived from federally appropriated basic allowance for housing (BAH); and + High military essentiality of Fort Benning and Camp Merrill, its subinstallation. The project completed its initial development in fourth-quarter 2016, and principal amortization on all classes began in July 2016. The issuer issued these bonds in 2006 for the Fort Benning housing privatization...
