...S&P Global Ratings revised the outlook to stable from negative on Fort Huachuca-Yuma Proving Ground (YPG) Arizona Communities LLC's series 2009 taxable military housing revenue bonds and affirmed its '###+' rating on the debt. The ratings are no longer under credit observation. The bonds funded a military housing privatization project with 1,269 residential units at two Army bases: Fort Huachuca and Yuma Proving Ground (YPG) in Sierra Vista and Yuma, respectively. Fort Huachuca contains 84% of the project's housing units and YPG 16%. YPG also contains 97 civilian units, the revenue from which is not part of the trust estate. While we believe the COVID-19 pandemic could have an effect on the rental housing bond market as a whole, we also believe its effects on military housing will be limited. While we expect some increases in operating expenses because more maintenance might be required for housing during the pandemic, we do not expect a significant decrease in basic allowance for housing...
