S&P Global Ratings raised its rating on HP Communities LLC, Del.'s military housing bonds on the 2008B series to 'AA(sf)' from 'AA-(sf)' and raised its rating on the 2008C series to 'AA-(sf)' from 'A+(sf)'. At the same time, we affirmed our 'AA(sf)' rating on HP Communities LLC's series 2008A bonds. The outlook on all series is stable. The upgrades reflect our view of the improved coverage assessment for the second and third lien in this transaction, with a nearly 5% increase in revenues outpacing the expense growth, leading to a nearly 7% increase in net operating income. The project's leasehold mortgage, paid through monthly tenant basic allowance for housing (BAH) collections, secures the bonds. The 2008C series bonds are subordinate
