Standard&Poor's Ratings Services affirmed its long-term rating on HP Communities LLC, Colo.'s military housing revenue bonds series 2008A, 2008B, and 2008C at 'AA-' (sf), A-' (sf), and 'BBB+' (sf),respectively. The outlook on all ratings is stable. The rating reflects our view of the following strengths: Strong debt service coverage of 1.68x, 1.37x, and 1.36x on the 2008A, B, and C bonds, respectively, based on audited financial statements for the fiscal year ended Dec. 31, 2012; High essentiality of Little Rock Air Force Base (AFB), Patrick AFB, and Moody AFB, and moderate-to-high essentiality of Hanscomb AFB; Increase in the average basic allowance for housing (BAH)rates across all four bases; and Strong average occupancy of 95% at the bases during
