Summary: Fort Huachuca-YPG Arizona Communities LLC; Military Housing

S&P Global Ratings raised its long-term rating to 'A+' from 'A-' on Fort Huachuca-Yuma Proving Ground (YPG) Arizona Communities LLC's series 2009 military housing taxable revenue bonds. The outlook is stable. The rating upgrade reflects our view of material increases in basic allowance for housing (BAH) rates leading to improved maximum annual debt service (MADS) coverage levels. The upgrade also reflects new information regarding the project's guaranteed investment contract (GIC) provider of MassMutual. Previously we were provided information that listed GE Funding Capital Market Services as the GIC provider. The bonds are secured by a ground lease granted by the U.S. Army to the issuer. Net revenues consist primarily of rental payments from military tenants residing in the project's units.

...+ S&P Global Ratings raised its long-term rating to 'A+' from 'A-' on Fort Huachuca-Yuma Proving Ground (YPG) Arizona Communities LLC's series 2009 military housing taxable revenue bonds. + The outlook is stable. + The rating upgrade reflects our view of material increases in basic allowance for housing (BAH) rates leading to improved maximum annual debt service (MADS) coverage levels. The upgrade also reflects new information regarding the project's guaranteed investment contract (GIC) provider of MassMutual. Previously we were provided information that listed GE Funding Capital Market Services as the GIC provider....

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