Summary: HP Communities LLC, Colorado; Military Housing

S&P Global Ratings affirmed its 'AA (sf)', 'A+ (sf)', and 'A (sf)' ratings on HP Communities LLC, Colo.'s military housing revenue bonds, series 2008A, 2008B, and 2008C, respectively. The outlook is stable. The ratings reflect our view of: Strong financial performance, evidenced by robust debt service coverage (DSC) of 1.87x, 1.53x, and 1.51x on the series 2008A, 2008B, and 2008C bonds, respectively, based on audited financial statements for the fiscal year ended Dec. 31, 2017; The project's strong economic fundamentals and market dependencies, reflecting a strong local housing market and adequate demand drivers; The projects high occupancy rate of 94% in 2017; The high essentiality of Little Rock Air Force Base (AFB), Patrick AFB, and Moody AFB, and the moderate-to-high

...S&P Global Ratings affirmed its '## (sf)', 'A+ (sf)', and 'A (sf)' ratings on HP Communities LLC, Colo.'s military housing revenue bonds, series 2008A, 2008B, and 2008C, respectively. The outlook is stable. The ratings reflect our view of: + Strong financial performance, evidenced by robust debt service coverage (DSC) of 1.87x, 1.53x, and 1.51x on the series 2008A, 2008B, and 2008C bonds, respectively, based on audited financial statements for the fiscal year ended Dec. 31, 2017; + The project's strong economic fundamentals and market dependencies, reflecting a strong local housing market and adequate demand drivers; + The projects high occupancy rate of 94% in 2017; + The high essentiality of Little Rock Air Force Base (AFB), Patrick AFB, and Moody AFB, and the moderate-to-high essentiality of Hanscom AFB; and + Management's extremely strong financial policies and practices....

Summary