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Related Issuers
Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2006C & Series 2006D
Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2006-G & Series 2006-H, $35MM
Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2006-I & Series 2006-J, $25MM
Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2006-K, $10MM
Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2E & Series 2007-2F, $30MM
Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2-G & Series 2007-2-H, $60MM
Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2007E & Series 2007F, $55MM
Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-G
Chicago (City of) IL, Collaterlized Single Family Revenue Bonds, Series 2007-2I & Series 207-2J, $40MM
CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2006A
CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2007 E & Series 2007 E-T (Taxable), $60MM
CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2007A, $45MM
CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2007-C, $45MM
CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2007-D, $50MM
Dallas Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan-Mountain Creek Apartments Project), Series 2005, $12.8MM
Denver (City & County of) CO, Single Family Mortgage Revenue Bonds (Metro Mayors Caucus), Series 2007B (AMT) & Series 2007C (
Escambia County Housing Finance Authority, FL, Single Family Mortage Revenue Bonds, Series 2007B (Multi-County Program)
Escambia County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds (Multi-County Program), Series 2007A-1 & Single Family Mortgage Refunding Bonds (Multi-County Program), Series 2007A-2, $38.405MM
Escambia County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds, (Multi-County Program), Series 2006-A, $31MM
Hillsborough County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds, Series 2006 (AMT), $10MM
Hillsborough County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds, Series 2007-1 (AMT) & Series 2007-2
Houston Housing Finance Corporation, TX, Single Family Mortgage Revenue Bonds, Series 2005, $12.5MM
Jacksonville Housing Finance Authority, FL, Homeowner Mortgage Revenue Bonds, Series 2006A (AMT), $12MM
Jefferson Parish Finance Authority, LA, Single Family Mortgage Revenue Bonds, Series 2006B, $30MM
Jefferson Parish Finance Authority, LA, Single Family Mortgage Revenue Bonds, Series 2007-B, $20MM
Jefferson Parish Finance Authority, LA, Single Family Mortgage Revenue Bonds, Series 2007C, $30MM
Jefferson Parish Finance Authority, LA, Single Family Mortgage Revenue Refunding Bonds, Series 2006A, $30MM
Manatee County Housing Finance Authority, FL, Homeowner Revenue Bonds, Series 2007A through Series 2007C, $24MM
Manatee County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds, Series 2006A (2006 Program) & Series 2006B, Taxable Refunding Bonds (2006 Program), $10.540MM
Miami-Dade County Housing Finance Authority, FL, Home Ownership Mortgage Revenue Bonds, Series 2004-A,$10MM
Miami-Dade County Housing Finance Authority, FL, Homeownership Mortgage Revenue Bonds, Series 2006B-1 Senior Bonds (AMT) & Series 2006B-2 Subordinate Bonds (AMT), $16.5MM
Miami-Dade County Housing Finance Authority, FL, Homeownership Mortgage Revenue Bonds, Series 2007-A (AMT), $20MM
Miami-Dade Housing Finance Authority, FL, Home Ownership Mortgage Revenue Bonds, Series 2005A-1 & Series 2005A-2, $20.310MM
Phoenix Industrial Development Authority, AZ, Multifamily Housing Revenue Bonds (GNMA Collateralized - Escala Central City Apartments Project), Series 2005A, $9.450MM
Pinellas County Housing Finance Authority, FL, Single Family Housing Revenue Bonds (Multi-County Program) Series 2006 B-1 (AM
Pinellas County Housing Finance Authority, FL, Single Family Housing Revenue Bonds (Multi-County Program), 2005 Series B-1 (AMT) & 2005 Series B-2 (AMT), $15.280MM
Pinellas County Housing Finance Authority, FL, Single Family Housing Revenue Bonds (Multi-County Program), Series 2005 A-1 (AMT) & Ser. 2005 A-2 (AMT), Ser. 2005 A-3 (AMT) Refunding Bonds, Ser. 2005 A-4 (AMT) Subordinated Revenue Bonds, $20.425MM
Prince George's County Housing Authority, MD, Multifamily Housing Revenue Bonds (Emerson House Apartments, MD Project), Series 2005-A & 2005-B (Taxable), $16.830MM
Sedgwick & Shawnee Counties, Kansas, Single Family Mortgage Revenue Bond, 2007 Series A-1, $40MM
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2005 A-3, $15MM
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2006 B-1, $40MM
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds Mortgage-Backed Securities Program), Series 2005 A-2, $15MM
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds, Series 2005A-4, $10MM
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds, Series 2007 A-2, $40MM
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds, Series 2007 A-5, $40MM
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds, Series 2007 A-6, $20MM
Sedgwick & Shawnee Counties, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securites Program), Series 2006 B-4, $40MM
Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds (Fire Fighter & Law Enforcement or Security Officer Home Loan Program), Series 2005B, $20MM
Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds (Professional Educators Home Loan Program), Series 2005-A, $24.175MM
Announcement:

MOODY'S PLACES 49 Aaa-RATED LOCAL HOUSING FINANCE TRANSACTIONS ON WATCHLIST FOR POSSIBLE DOWNGRADE

04 Oct 2010

WATCHLIST ACTION FOLLOWS PALLAS CAPITAL CORPORATION'S DOWNGRADE

New York, October 04, 2010 -- The following 49 Aaa-rated local housing finance agency transactions have been placed on Watchlist for Possible Downgrade, following the downgrade of Pallas Capital Corporation's long-term rating to Baa3 from Aaa and downgrade of its short-term rating to P-3 from P-1. All of these issues have exposure to Pallas through Guaranteed Investment Contracts (GICs), and may be subject to: (i) increased principal repayment risk as a result of the reduced credit quality of Pallas and (ii) the risk that, in the event the GIC is replaced, the new interest rate from the replacement investment will not be high enough to support debt service on the bonds. Over the next several weeks, Moody's will review the affected issues and take appropriate rating action as necessary. For further information on Moody's approach to the significance of GICs to ratings on housing transactions, see Moody's Rating Methodology, "Investment Practices of Housing Bond Issuers Impact Credit Ratings," dated May, 2001.

Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2006 G&H

Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2006 I & J

Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2006C&D

Chicago (City of) IL, Housing Revenue Refunding Bonds, Series 2006K

Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2007 E

Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2007 G

Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2E

Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2G

Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2I

CRHMFA Homebuyers Fund, CA, Single Family Housing Bonds (South Plains Project), Series 2007 C

CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Prgram), Series 2006A

CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Prgram), Series 2007A

CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Prgram), Series 2007D

CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Prgram), Series 2007E

Dallas Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (Mountain Creek Apartments), Series 2005

Denver (City & County of) CO, Single Family Mortgage Revenue Bonds (Metro Mayors Caucus Project), Series 2007B&C

Escambia County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds Series 2006A

Escambia County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds (Multi-County Program), Series 2007A

Escambia County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds, Series 2007B

Hillsborough County Housing Finance Authority, FL, Single Family Housing Revenue Bonds (Multi-County Program), Series 2006

Hillsborough County Housing Finance Authority, FL, Single Family Housing Revenue Bonds, Series 2007

Houston Housing Finance Corporation, TX Single Family Mortage Revenue Refunding Bonds (GNMA and Fannie Mae Mortgage-Backed Securities Program), Series 2005A

Jacksonville Housing Finance Authority, FL, Homeowner Mortgage Revenue Bonds, Series 2006A

Jefferson Parish Finance Authority, LA, Single Family Mortgage Revenue Refunding Bonds, Series 2006B

Jefferson Parish Finance Authority, LA, Single Family Mortgage Revenue Bonds, Series 2007B

Jefferson Parish Finance Authority, LA Single Family Mortgage Revenue Refunding Bonds, Series 2007C

Manatee County Housing Finance Authority, FL Single Family Mortgage Revenue Bonds, Series 2007 A, B & C

Manatee County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds, Series 2006A and 2006B

Miami-Dade County Housing Finance Authority, FL Single Family Mortgage Revenue Bonds, Series 2004

Miami-Dade County Housing Finance Authority, FL, Homeownership Mortgage Revenue Bonds, Series 2006 B-1 & B-2

Miami-Dade County Housing Finance Authority, FL, Single Family Mortgage Revenue, Series Bonds 2005A

Miami-Dade County Housing Finance Authority, FL, Home Ownership Mortgage Revenue Bonds, Series 2007A (AMT)

Parish of Jefferson Home Mortgage Authority, Single Family Mortgage Revenue Refunding Bonds, Series 2006A

Phoenix Industrial Development Authority, AZ, Multifamily Housing Revenue Bonds (GNMA Collateralized - Escala Central City Apartments Project), Series 2005A

Pinellas County Housing Finance Authority, FL Single Family Mortgage Revenue Bonds, Series 2005A

Pinellas County Housing Finance Authority, FL Single Family Mortgage Revenue Bonds, Series 2006B-1 & B-2

Pinellas County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds, Series 2005B

Prince George's County Housing Authority, MD Multifamily Housing Revenue Refunding Bond (Emerson House Project), Series 2005

Sedgwick & Shawnee Counties, KS Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2005 A-2

Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2005 A-3

Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), 2005 A-4

Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2006 B-1

Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2006 B-4

Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2007 A-1

Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2007 A-2

Sedgwick & Shawnee (Counties of), KS Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2007 A-5

Sedgwick & Shawnee (Counties of), KS Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2007 A-6

Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds (Professional Educators Home Loan Program), Series 2005A

Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds (Professional Educators Home Loan Program), Series 2005B

PRINCIPAL METHODOLOGY

The principal methodology used in rating this issue was "Moody's Approach to Rating Single Family Housing Bonds Secured by Mortgage-Backed Securities", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the rating process can also be found in the Credit Policy & Methodologies directory.

New York
Thomas Song
Associate Analyst
Public Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gregory W. Lipitz
Vice President - Senior Analyst
Public Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.

MOODY'S PLACES 49 Aaa-RATED LOCAL HOUSING FINANCE TRANSACTIONS ON WATCHLIST FOR POSSIBLE DOWNGRADE
No Related Data.
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