Standard&Poor's Ratings Services revised its rating outlook on HP Communities LLC, Colo.'s series 2008B and 2008C military housing revenue bonds to stable from negative. At the same time, Standard&Poor's affirmed its 'A-' long-term rating on HP Communities' series 2008A military housing revenue bonds, its 'BB+' long-term rating on HP Communities' series 2008B bonds, and its 'BB' long-term rating on HP Communities' series 2008C bonds. The outlook on all ratings is stable. In our opinion, the ratings reflect our view of: Debt service coverage (DSC) of 1.37x, 1.11x, and 1.10x on the 2008A, 2008B, and 2008C bonds, respectively, based on audited financial statements for the fiscal year ended Dec. 31, 2010. Improved DSC of 1.58x, 1.29x, and
