Moodys.com
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
New Issue:

MOODY'S ASSIGNS THE RATING OF Aaa TO THE HOUSING FINANCE AUTHORITY OF HILLSBOROUGH COUNTY, FLORIDA MULTIFAMILY MORTGAGE REVENUE BONDS (SPECIAL PROGRAM) SERIES 2009 C (THE ELLA AT ENCORE)

30 Aug 2011

CREDIT ENHANCEMENT AGREEMENT PROVIDED BY FREDDIE MAC

Hillsborough Co. Housing Finance Auth., FL
Housing
FL

Moody's Rating

ISSUE

RATING

Multifamily Mortgage Revenue Bonds (Special Program) Series 2009C (The Ella at Encore)

Aaa

  Sale Amount

$2,900,000

  Expected Sale Date

08/30/11

  Rating Description

Freddie Mac CEA

 

 
Moody's Outlook   No Outlook
 

Opinion

NEW YORK, Aug 30, 2011 -- Moody's Investors Service has assigned the rating of Aaa to the $2,900,000 Housing Finance Authority of Hillsborough County, Florida Multifamily Mortgage Revenue Bonds (Special Program) Series 2009 C (The Ella at Encore) (the Bonds) that are being issued to finance a multifamily rental housing development located in Tampa, Florida and known as The Ella at Encore.

RATING RATIONALE

The rating is based upon the Credit Enhancement Agreement (CEA or Credit Facility) provided by the Federal Home Loan Mortgage Corporation (Freddie Mac or the Bank), the structure of the transaction which ensures the timely payment of principal and interest to investors; and Moody's evaluation of the creditworthiness of Freddie Mac. Freddie Mac is rated Aaa by Moody's.

The highest quality security for the Bonds is derived from Freddie Mac's obligations under the CEA pursuant to which Freddie Mac will pay to the trustee, when due, an amount equal to the principal and interest owed by the borrower under the Bond Mortgage Note (whether by reason of regularly scheduled monthly payments, upon optional or mandatory prepayment of the bond mortgage loan, or upon maturity or acceleration of the bond mortgage note). Moody's has reviewed the transaction structure to confirm that payments due under the Bond Mortgage Note correspond to payments due on the Bonds.

Under the Bond Mortgage Note, the borrower is obligated to pay principal and interest on the mortgage in the same amounts and on the same dates as payments are due on the Bonds. When the Bonds are subject to optional or mandatory redemption, the bond mortgage note is subject to optional or mandatory prepayment under the same conditions, at the same prepayment prices, and on the same dates as the Bonds.

DESCRIPTION OF THE BONDS

The Bonds will bear interest in the fixed rate mode and pay interest semi-annually with interest commencing January 1, 2012 and on each January 1st and July 1st, thereafter.

Funds for the payment of principal and interest shall be paid from the following sources in the following order of priority: (1) moneys drawn under the Credit Facility; and (2) available moneys.

THE CREDIT FACILITY

The Credit Facility, which is sized for full principal plus 189 days of interest at the applicable interest rate on the Bonds.

The Credit Facility is to be drawn upon by the trustee to make timely payments of principal and interest. Conforming draws received by the bank by 12:00 noon, Eastern Standard Time (EST), will be honored by 2:00 p.m., EST, on the next business day.

REINSTATEMENT OF INTEREST DRAWS

Draws for interest on the Credit Facility will be automatically reinstated immediately following such draw.

REIMBURSEMENT AGREEMENT DEFAULTS

Upon an event of default under the Reimbursement Agreement Freddie Mac may, at its option, send written notice to the trustee stating that an event of default under the Reimbursement Agreement has occurred, directing either mandatory redemption or acceleration of the Bonds. Upon receipt of such notice with direction to redeem the Bonds, the trustee shall immediately declare the principal and interest on the Bonds immediately due and payable, cause a redemption to occur on the earliest practicable date and interest shall cease to accrue on such redemption date. Upon receipt of such notice with direction to accelerate the Bonds, the trustee shall declare the principal and interest on the Bonds immediately due and payable and interest shall cease to accrue immediately upon such declaration.

EVENTS OF DEFAULT RELATED TO PAYMENT UNDER THE TRUST INDENTURE

The failure by the Trustee to make a required payment to the bondholders when due shall constitute an Event of Default under the Trust Indenture. Following default and the written direction by Freddie Mac, the Trustee shall declare the principal and interest accrued on all of the Bonds immediately due and payable.

EXPIRATION / TERMINATION OF THE CREDIT FACILITY

The Credit Facility shall automatically terminate upon the earliest to occur of: (i) the Bonds are paid in full, (ii) the date the Bonds are redeemed in whole or purchased in lieu of such redemption in whole and such related draw has been honored in accordance with the terms of the Credit Facility, (iii) stated expiration date, January 6, 2044, and (iv) the date on which the Bank receives a notice from the Trustee to the effect that no Bonds remain outstanding and has released Freddie Mac from the lien of the Indenture.

SUBSTITUTION

Substitution of the Credit Facility is not permitted.

MANDATORY REDEMPTIONS

The Bonds are subject to mandatory redemption:

(i) in whole or in part at par at the direction of the Bank in an amount equal to net proceeds from insurance or condemnation award; (ii) in whole or in part at the direction of the Bank to the trustee following and event of default under the Reimbursement Agreement, or any other bond mortgage loan document; (iii) in whole on a business day which is no less than 5 days prior to the expiration of the Credit Facility; (iv) on each applicable mandatory sinking fund redemption date; (v) At the direction of the CEA provider as a result of Borrower Loan Payments; and (vi) Forward Commitment Maturity Date at the written direction of the Credit Provider.

METHODOLOGY

The principal methodology used in rating the Bonds was Moody's Rating Methodology For Multifamily Housing Bonds Secured By Freddie Mac Direct-Pay Credit Enhancement Agreement, rating methodology published in January 2006. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the credit rating are the following: parties involved in the ratings and public information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Analysts

David A. Parsons
Analyst
Public Finance Group
Moody's Investors Service

Ferdinand S. Perrault
Backup Analyst
Public Finance Group
Moody's Investors Service

Contacts

Journalists: (212) 553-0376
Research Clients: (212) 553-1653


Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA

MOODY'S ASSIGNS THE RATING OF Aaa TO THE HOUSING FINANCE AUTHORITY OF HILLSBOROUGH COUNTY, FLORIDA MULTIFAMILY MORTGAGE REVENUE BONDS (SPECIAL PROGRAM) SERIES 2009 C (THE ELLA AT ENCORE)
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​
Moodys.com