Summary: Illinois Dev Fin Auth; Housing, Section 8 - S&P Global Ratings’ Credit Research

Summary: Illinois Dev Fin Auth; Housing, Section 8

Summary: Illinois Dev Fin Auth; Housing, Section 8 - S&P Global Ratings’ Credit Research
Summary: Illinois Dev Fin Auth; Housing, Section 8
Published Jul 12, 2001
719 words — Published Jul 12, 2001
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Abstract:

The 'BB' rating on Illinois Development Finance Authority, Ill.'s section 8 assisted revenue bonds (Town and Garden Apartments Project) series 1992 is affirmed. The bonds are supported by a section 8 subsidized mortgage loan. The rating continues to reflect: Debt service coverage (DSC) below 1 times (x) based on maximum annual debt service; Quality of investments; Sufficiency of the reserves, resulting in an asset-to-liability position of 123.11% as of April 2, 2000; A fully funded debt service reserve fund; and The stability of management provided by Metroplex Inc. For the year ended June 30, 2000, adjusted financial statements demonstrated that the DSC based on the maximum annual debt service was 0.9x. However, based on current debt service paid in fiscal

  
Brief Excerpt:

RESEARCH Summary: Illinois Dev Fin Auth; Housing, Section 8 Publication date: 12-Jul-2001 Credit Profile AFFIRMED $23.455 mil. Illinois Dev Fin Auth (Town & Garden Apts) multi fam hsg ser 1992 ## OUTLOOK: NEGATIVE Rationale The '##'...

  
Report Type:

Summary

Issuer
Illinois Finance Authority
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Summary: Illinois Dev Fin Auth; Housing, Section 8" Jul 12, 2001. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Illinois-Dev-Fin-Auth-Housing-Section-8-201429>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Illinois Dev Fin Auth; Housing, Section 8 Jul 12, 2001. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Illinois-Dev-Fin-Auth-Housing-Section-8-201429>
  
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