S&P Global Ratings raised its long-term rating to 'A-' from 'BBB+' 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 a trend of improving debt service coverage (DSC) over the last two fiscal years and anticipated for fiscal 2023, driven by material increases in basic allowance for housing (BAH) rates. 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. Unit tenants pay rent based on the Department of Defense's (DoD) BAH, in accordance with the tenants' respective pay grades. As of fiscal 2022,
