Standard&Poor's Ratings Services affirmed its 'AA (sf)', 'AA (sf)', and 'AA- (sf)' long-term ratings on Fort Benning Family Communities LLC, Ga.'s series 2006 class I, class II, and class III taxable military housing revenue bonds, respectively, issued for the Fort Benning Housing Privatization Project. The outlook is stable. The affirmation reflects our view of: The very strong debt service coverage of 4.56x, 2.71x, and 1.85x maximum annual debt service on the class I, II, and III bonds, respectively, based on audited financials as of December 2012; The high asset quality consisting of a revenue stream derived from federally-appropriated basic allowance for housing (BAH); The high military essentiality of Fort Benning and its sub-installation, Camp Merrill; and The 90%
