Summary: HP Communities LLC, Colorado; Military Housing

S&P Global Ratings revised its outlook on HP Communities LLC, Colo.'s military housing revenue bonds, series 2008B and 2008C, to positive from stable. At the same time, S&P Global Ratings affirmed its 'AA (sf)', 'A+ (sf)', and 'A (sf)' ratings on the series 2008A, 2008B, and 2008C bonds, respectively. The outlook on the series 2008A bonds is stable. The outlook revision on the subordinate bond classes follows improvement in the project's operating performance, with an overall occupancy rate of 97% in fiscal 2018, which contributed to the very strong financial strength of the series 2008B and 2008C bonds. The ratings reflect our view of: Strong financial performance, evidenced by robust single-year debt service coverage (DSC) of 1.95x, 1.59x, and 1.57x

...S&P Global Ratings revised its outlook on HP Communities LLC, Colo.'s military housing revenue bonds, series 2008B and 2008C, to positive from stable. At the same time, S&P Global Ratings affirmed its '## (sf)', 'A+ (sf)', and 'A (sf)' ratings on the series 2008A, 2008B, and 2008C bonds, respectively. The outlook on the series 2008A bonds is stable. The outlook revision on the subordinate bond classes follows improvement in the project's operating performance, with an overall occupancy rate of 97% in fiscal 2018, which contributed to the very strong financial strength of the series 2008B and 2008C bonds. The ratings reflect our view of: + Strong financial performance, evidenced by robust single-year debt service coverage (DSC) of 1.95x, 1.59x, and 1.57x on the series 2008A, 2008B, and 2008C bonds, respectively, based on audited financial statements for the fiscal year ended Dec. 31, 2018; + The project's strong economic fundamentals and market dependencies, reflecting a strong local housing...

Summary