NEW YORK, NY--Standard & Poor's Ratings Services affirmed its 'C' underlying rating (SPUR) on Texas State Affordable Housing Corp.'s (American Opportunity for Housing) multifamily housing revenue bonds series 2002A and removed it from CreditWatch with negative implications.
The outlook is negative. The bonds are credit enhanced by MBIA, and will continue to have a 'AA' standard long-term rating. The rating is based on the bond insurance policy, which will remain in place for this issue.The trustee, Wells Fargo Bank N.A., informed Standard & Poor's that they have drawn on the series 2002A debt service reserve fund (DSRF) to make the Sept. 2, 2008, payment on the bonds. After the draw
, the series 2002A DSRF was co
mpletely depleted, and below the $3.8 million required pursuant to the trust indenture.
, the series 2002A DSRF was co
mpletely depleted, and below the $3.8 million required pursuant to the trust indenture. Although the bonds will be paid by the bond insurer, it is unlikely that the project will generate enough revenue to make the next debt service payment in March 2009.
Media Contact:
Christopher Mortell, New York, (1) 212 438 3446
Analyst Contacts:
Renee J Berson, New York, (1) 212-438-7966; Moraa Andima, New York, (1) 212-438-2734
No comments:
Post a Comment