Standard&Poor's Ratings Services affirmed its 'AA (sf)', 'AA (sf)', and 'AA- (sf)' long-term ratings, with a stable outlook, on Fort Benning Family Communities LLC, Ga.'s (Fort Benning Housing Privatization project) series 2006 class I, class II, and class III taxable military housing bonds, respectively. The rating reflects our opinion of: The project's very strong debt service coverage (DSC) of 4.65x, 2.6x, and 1.88x maximum annual debt service (MADS) on the Class I, Class II, and Class III bonds, respectively, based on 2011 audited financial statements; The high military essentiality of Fort Benning and its subinstallation, Camp Merrill; and The project's 93% average occupancy, which we consider high. We believe a 1.5% decrease in weighted average basic allowance housing
