Summary: Fort Benning Family Communities LLC, Georgia; Military Housing

S&P Global Ratings lowered its rating on Fort Benning Family Communities LLC, Ga.'s series 2006 Class II military housing revenue bonds to 'A(sf)' from 'A+(sf)'. At the same time we affirmed our 'AA-(sf)' rating and 'BBB+(sf)' long-term rating and underlying rating (SPUR), on Fort Benning Family Communities LLC, Ga.'s series 2006 class I and III taxable military housing revenue bonds. The rating actions reflect the implementation of our criteria, titled "Methodology for Rating U.S. Public Finance Rental Housing Bonds," published April 15, 2020, on RatingsDirect. The outlooks on the ratings are stable and the ratings are no longer under credit observation. The project completed its initial development in fourth-quarter 2016, and principal amortization on all classes began in July 2016.

...S&P Global Ratings lowered its rating on Fort Benning Family Communities LLC, Ga.'s series 2006 Class II military housing revenue bonds to 'A(sf)' from 'A+(sf)'. At the same time we affirmed our '##-(sf)' rating and '###+(sf)' long-term rating and underlying rating (SPUR), on Fort Benning Family Communities LLC, Ga.'s series 2006 class I and III taxable military housing revenue bonds. The rating actions reflect the implementation of our criteria, titled "Methodology for Rating U.S. Public Finance Rental Housing Bonds," published April 15, 2020, on RatingsDirect. The outlooks on the ratings are stable and the ratings are no longer under credit observation. 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 project, including 4,001 single-family homes--78% of which was new construction or renovations--across 10 communities in Columbus....

Summary