Standard&Poor's Ratings Services affirmed its 'AA (sf)', 'AA (sf)', and 'AA- (sf)' long-term ratings on Fort Benning Family Communities LLC (Fort Benning Housing Privatization Project), Ga.'s series 2006 class I, class II, and class III military housing bonds, respectively. The outlook is stable. The ratings reflect our view of: The project's financial strength, as demonstrated by debt service coverage (DSC) of 3.50x, 1.96x, and 1.41x on the class I, II, and III bonds, respectively, based on 2010 audited financial statements; A reduction in debt service costs to below pro forma levels in 2010 due to the redemption of bonds in 2009; The high military essentiality of Fort Benning and its sub-installation, Camp Merrill; and The project's very strong
