S&P Global Ratings affirmed its 'BBB+' rating on Fort Huachuca-Yuma Proving Ground (YPG) Arizona Communities LLC's series 2009 taxable military housing revenue bonds. The outlook is stable. The bonds funded a military housing privatization project with 1,269 residential units at two U.S. 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 contains 16%. YPG also contains 97 civilian units, the revenue from which is not part of the trust estate. The rating reflects our opinion of the project's: A coverage and liquidity assessment which we view as weak, given an average debt service coverage (DSC) ratio of 1.23x, although improving, and a counterparty
