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Rating Update:

MOODY'S CONFIRMS THE Ba1 RATING ON YONKERS INDUSTRIAL DEVELOPMENT AGENCY, NY MULTIFAMILY HOUSING REVENUE BONDS (HERRIOT STREET HOUSING, L.P. PROJECT) SERIES 2004. THIS ACTION REMOVES THE BONDS FROM WATCHLIST.

21 Mar 2011

APPROXIMATELY $13.6 MILLION IN DEBT AFFECTED.

Herriot Street Housing, L.P.
Fully Supported
NY

Opinion

NEW YORK, Mar 21, 2011 -- Moody's has confirmed the Ba1 rating on Yonkers Industrial Development Agency, NY Multifamily Housing Revenue Bonds (Herriot Street Housing, L.P. Project), Series 2004 which removes it from Watchlist following a review of cash flow and parity sufficiency for the life of the bonds, and assuming a 0% reinvestment rate. This action affects $13.6 million in debt.

The bonds are secured by a mortgage that is guaranteed by a Fannie Mae Stand-by Credit Enhancement Instrument and were structured without a Guaranteed Investment Contract (GIC) that assures a fixed rate of return on invested cash. This subjects the transaction to interest rate risk on retained revenues. As a result, revenue from the monthly mortgage receipts, interest earned on those receipts from money market funds or other short-term Investments, and monthly mortgage payments need to be sufficient to support debt service on the bonds. Additionally, at all times the ratio of the value of the assets held by the trustee, consisting of the amortized value of the credit enhanced mortgage and funds pledged to bondholders, to the bonds outstanding and accrued interest to any redemption date, should exceed 100%.

Based on information we have received, we believe that estimated future cash flow breaks and declines in the parity ratio are primarily due to the failure to redeem bonds as directed under the indenture. Also contributing to the projected shortfalls are the very low investments earnings over the past few years.

What Could Change the Rating - UP

A contribution of funds by the borrower to correct the likelihood of a future debt service shortfall.

What Could Change the Rating - DOWN

A further deterioration in asset to liability ratio

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

The principal methodology used in this rating was Moody's Methodology Update: Change in Interest Rate Assumptions for Housing Transactions Which Rely on Investment Earnings Prompted by Unprecedented Low Interest Rates, published in November, 2009.

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.

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

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Analysts

Timothy J. Mone
Analyst
Public Finance Group
Moody's Investors Service

Gregory W. Lipitz
Backup Analyst
Public Finance Group
Moody's Investors Service

Contacts

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


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

MOODY'S CONFIRMS THE Ba1 RATING ON YONKERS INDUSTRIAL DEVELOPMENT AGENCY, NY MULTIFAMILY HOUSING REVENUE BONDS (HERRIOT STREET HOUSING, L.P. PROJECT) SERIES 2004. THIS ACTION REMOVES THE BONDS FROM WATCHLIST.
No Related Data.
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