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 Jan 28, 2003
901 words — Published Jan 28, 2003
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Abstract:

The 'BB' rating on Illinois Development Finance Authority's Section 8 elderly housing revenue refunding bonds series 1994A (Galesburg Towers project) has been affirmed. The rating continues to reflect the decline in debt service coverage, which was .85x maximum annual debt service as of fiscal year-end 2002. Other rating factors include: Ownership by Galesburg Towers Associates II L.P.; Management by Promex Midwest, AMO; and A Section 8 subsidy, which is coterminous with bond maturity. The latest audited financial results for the fiscal year ended Oct. 31, 2002, indicate that the performance of the property continues to decline with debt service coverage of .85x maximum annual debt service from 1.06x the prior year. The owner verified in January 2003 that the coverage

  
Brief Excerpt:

RESEARCH Summary: Illinois Dev Fin Auth; Housing, Section 8 Publication date: 28-Jan-2003 Credit Profile AFFIRMED $2.145 mil. Illinois Dev Fin Auth sect 8 asst multi fam hsg rev bnds ser 1994A (Galesburg Towers Assoc II) ## OUTLOOK:...

  
Report Type:

Summary

Issuer
Illinois Finance Authority
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Summary: Illinois Dev Fin Auth; Housing, Section 8" Jan 28, 2003. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Illinois-Dev-Fin-Auth-Housing-Section-8-296100>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Illinois Dev Fin Auth; Housing, Section 8 Jan 28, 2003. 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-8-296100>
  
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