Approximately $2 billion of debt affected
NOTE: On January 31, 2013, the press release was revised as follows: Affected bond program #313 now reads: Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds (Fire Fighter & Law Enforcement or Security Officer Home Loan Program), Series 2005B.
Affected bond program #330 now reads: Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2011A and 2009A. Revised release follows.
New York, December 13, 2012 -- Moody's Investors Service has published its new methodology US Stand-Alone
Housing Bond Programs Secured by Credit Enhanced Mortgages. In
conjunction with this methodology, we have placed 341 bond ratings
under review for downgrade, affecting approximately $2 billion
of outstanding debt.
The new methodology incorporates market feedback received from our Request
for Comment: Proposed Changes to Methodology for Stand-Alone
US Public Finance Housing Transactions with Mortgage Enhancements,
published on March 19, 2012. This methodology replaces and
consolidates 17 existing methodologies, rating implementation guidance
reports (RIGs), and other articles.
SUMMARY RATING RATIONALE
The methodology establishes our approach to assessing, among other
things, Aaa-rated bond programs and projected cash flow insufficiencies.
This rating action incorporates these approaches.
DETAILED CREDIT DISCUSSION
Bonds Programs Vulnerable to Administrative Errors are Capped at Aa1
The methodology incorporates the risks of administrative errors by participants
designated with executing and adhering to mandatory provisions of the
trust indenture and financing agreement. Certain bond programs
have had their financial positions impaired because a participant failed
to fully carry out its duties detailed in the bond financing documents.
We believe that a Aaa rating is therefore not appropriate given this risk
of administrative error. To address this risk, bonds vulnerable
to insufficiencies caused by administrative errors are capped at Aa1 in
order to provide credit distinction from Aaa-rated programs with
significantly less susceptibility.
Programs may continue to maintain Aaa ratings if they exhibit any of the
following conditions: (i) structures that inherently reduce the
likelihood of administrative errors occurring, (ii) significant
over-collateralization (an asset-to-debt ratio greater
than or equal to 103% throughout the life of the bonds),
or (iii) certain legal provisions and cash flow assumptions which closely
mirror bond program performance, security, and amortization
to that of the underlying asset (for example, structures with $1
bond denominations). Further information on each of these three
structures can be found within the methodology.
As a result of our new approach, we have placed 328 Aaa-rated
bond programs under review for downgrade due to potential vulnerabilities
to administrative errors. During the review we will assess each
program's legal framework, recent financial position (including
its over-collateralization level), and cash flow assumptions
to determine if the bond program remains eligible for a Aaa rating.
Pending the results, it is expected that each review will conclude
with either a one notch downgrade to Aa1 from Aaa or a confirmation of
Aaa.
Lower Reinvestment Rates Assumed
Due to continued low interest rates we are revising our assumptions for
reinvestment rates. In 2009 we changed our reinvestment rate assumptions
to 0% for stand-alone bond programs invested with short-term
securities. Our expectation at that time was that rates would begin
to rise within two years. We incorporated this assumption into
our ratings, assigning lower ratings to programs where we projected
insufficiency in the near term and higher ratings where the insufficiency
was further out in the future. However, as rates continue
to stay low, beyond our original expectation, we have refined
this approach to incorporate a low rate environment for a longer period
of time. For example, a bond program with a projected insufficiency
in 5 years will be rated no higher than in the Ba-range while previously
it could be rated in the Baa-range. Further information
on our approach to projected insufficiencies can be found within the methodology.
As a result of our new approach, we have placed 13 ratings of bond
programs with projected insufficiencies under review for downgrade.
We will assess the timing of the first insufficiency and apply our approach
for a rating cap. Pending the results, it is expected that
each review will conclude with a downgrade of between one and several
notches or a confirmation of the current rating. Programs with
projected insufficiencies may be considered eligible for an upgrade in
the future if the performance of the bond program meets our methodology.
Rating Impact
The following bond programs are affected:
1. Community Development Administration Maryland Department of
Housing and Community Development Multi-Family Revenue Bonds (GNMA
Collateralized - Selborne House Project) Series 1999 A -
A3/RUR Downgrade
2. Community Development Administration Multi-Family Development
Revenue Bonds (Auburn Manor Project), Series 1998 A - Aa2/RUR
Downgrade
3. D.C. HFA - Multi-Family Program
Fund 2002A (Euclid St.) FHA Insured Multi-Family Housing
Revenue Bonds, (Euclid Street Apartments Project) Series 2002A -
Aaa/RUR Downgrade
4. Housing Authority of the City of Tacoma, Multi-Family
Housing Revenue Bonds, 2005 (GNMA Collateralized Mortgage Loans
- Redwood/Juniper, Pine Tree Harbor and Conifer South Projects)
- A2/RUR Downgrade
5. Housing Authority of the County of King, Multi-Family
Housing Revenue Bonds, 1998 (Seaview Apartments Project) -
A1/RUR Downgrade
6. Indianapolis (City of) IN, Multi-Family Housing
Revenue Bonds (Cambridge Station Apartments, Phase II) Series 2005
- A1/RUR Downgrade
7. Development Authority of Columbus, Georgia, Multi-Family
Housing Revenue Bonds, Series 2003A & B (Ginnie Mae Collateralized
Mortgage Loan - Victory Crossing Apartments Project) - Aa2/RUR
Downgrade
8. Montgomery (County of) OH, Multi-Family Housing
Revenue Bonds (GNMA Coll. Canterbury Court Project), 2007
- Aa1/RUR Downgrade
9. ABAG Finance Authority for Nonprofit Corporations Multi-Family
Housing Revenue Refunding Bonds(Bijou Woods Apartments) 2001 Series A
- A1/RUR Downgrade
10. Bowling Green (City of) OH Multi-Family Housing Revenue
Refunding Bonds (GNMA Collateralized - Bowling Green Apartments)
2001A - A1/RUR Downgrade
11. Portland Housing Authority Multi-Family Housing Revenue
Refunding Bonds (100 State Street Project) Series 2004 - Aa3/RUR
Downgrade
12. Rock Hill City Housing Authority, SC Multi-Family
Housing Revenue Bonds (Highland Park Mill Project.) 2004 -
A2/RUR Downgrade
13. Housing Authority of the City of Calexico, Revenue Bonds,
Series 1991, (GNMA Collateralized - Calexico Gardens Project)
- A2/RUR Downgrade
14. St. Paul Housing & Redevelopment Auth.,
MN Multi-Family Housing Revenue Bonds (Winnipeg Apartments Project)
2007 - Aaa/RUR Downgrade
15. Alabama HFA Multi-Family Housing Revenue Refunding Bonds
(GNMA Collateralized - Green Valley Project) 1995 Series A &
B - Aaa/RUR Downgrade
16. California Housing Finance Agency Affordable Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - One
Santa Fe Apartments) 2009 Series 1-19 and 2011 Issue A -
Aaa/RUR Downgrade
17. California Housing Finance Agency, Affordable Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan -- Jackson
Hills Apartments) 2009 Series A-15 - Aaa/RUR Downgrade
18. California Housing Finance Agency, Affordable Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan -- LA Pro
I Apartments) 2009 Series A-8 - Aaa/RUR Downgrade
19. Community Development Administration Maryland Department of
Housing and Community Development Multi-Family Development Revenue
Bonds (Park Montgomery) Series 2000C - Aaa/RUR Downgrade
20. Florida HFA Housing Revenue (Vizcaya Villas Project) Series
'96M - Aaa/RUR Downgrade
21. Florida HFA Housing Revenue Bonds, 1999 Series (Deer
Meadow Apartments) - Aaa/RUR Downgrade
22. Florida Housing Finance Corporation, Multi-Family
Mortgage Revenue Bonds (U.S. Treasury/GSE NIBP) Series 2009G
(NON-AMT) (The Landings at Timberleaf Apartments) - Aaa/RUR
Downgrade
23. Idaho Housing and Finance Association, Housing Revenue
Bonds (GNMA Collateralized Mortgage Loan - Wedgewood Terrace Project)
Series 2002 A-1 & A-2 - Aaa/RUR Downgrade
24. Illinois Housing Development Authority, Multi-Family
Housing Revenue Bonds (Universal City Apts.), Series 2004A
- Aaa/RUR Downgrade
25. Kentucky Housing Corporation-Village Manor Project Conduit
Multi-Family Housing Revenue Bonds, Series 2005 (GNMA Collateralized
- Village Manor Project) - Aaa/RUR Downgrade
26. Louisiana Housing Finance Agency, Tax-Exempted
Assisted Living Facilities GNMA Collateralized Revenue Refunding Bonds,
Series 2004A and Series 2004B (AZALEA ESTATES) - Aaa/RUR Downgrade
27. Michigan State Housing Development Authority Limited Obligation
Multi-Family Housing Revenue Bonds(GNMA Collateralized Program
- Deaconess Tower Apartments),Series 2006 - Aaa/RUR
Downgrade
28. Michigan State Housing Development Authority Limited Obligation
Multi-Family Housing Revenue Bonds(GNMA Collateralized Program
-- Eastside Village Apartments), Series 2004 - Aaa/RUR
Downgrade
29. Michigan State Housing Development Authority Limited Obligation
Multi-Family Housing Revenue Bonds(GNMA Collateralized Program
- Martin Luther King Homes Ii),Series 2003A - Aaa/RUR
Downgrade
30. Michigan State Housing Development Authority Limited Obligation
Multi-Family Housing Revenue Bonds(GNMA Collateralized Program-Burkeshire
Pointe Apartments), Series 2002A - Aaa/RUR Downgrade
31. Michigan State Housing Development Authority Limited Obligation
Multi-Family Housing Revenue Bonds(GNMA Collateralized Program—Weston
Apartments),Series 2005A - Aaa/RUR Downgrade
32. Michigan State Housing Development Authority, Limited
Obligation Multi-Family Housing Revenue (GNMA Collateralized Program-Cranbrook
Manor) Series 2001A and 2001B - Aaa/RUR Downgrade
33. Michigan State Housing Development Authority, Limited
Obligation Multi-Family Housing Revenue Bonds (GNMA Collateralized
Program - River Towers Apartments) Series 2004A - Aaa/RUR
Downgrade
34. Michigan State Housing Development Authority, Limited
Obligation Multi-Family Housing Revenue Bonds, Series 2005A
(GNMA Collateralized Program- Hillsdale Gardens Apartments) -
Aaa/RUR Downgrade
35. Michigan State Housing Development Authority, Limited
Obligation Multi-Family Housing Revenue Bonds, Series 2005A
(GNMA Collateralized Program-Center Line Park Towers Apts.)
- Aaa/RUR Downgrade
36. Michigan State Housing Development Authority, Limited
Obligation Multi-Family Housing Revenue Bonds, Series 2007
(GNMA Collateralized Program- Williams Pavilion Apts.) -
Aaa/RUR Downgrade
37. Multi Family Housing Revenue Bonds, Series 2006A (GNMA
Collateralized - Hillwood II Project) - Aaa/RUR Downgrade
38. Multi-Family Housing Revenue Bonds, Series 2009I-3
(New Issue Bond Program/Ginnie Mae Collateralized -- Elim Manor Apartments
Project) - Aaa/RUR Downgrade
39. Nevada Housing Division - Cedar Village Multi-Unit
Housing Revenue Bonds (Cedar Village Apartments) Series 2003 -
Aaa/RUR Downgrade
40. Nevada Housing Division - Community Gardens Multi-Unit
Housing Revenue Bonds (Community Gardens Apartments Project) Series 2003
- Aaa/RUR Downgrade
41. North Carolina HFA - Special Facility Bonds 2002 Multi-Family
Housing Revenue Bonds, Series 2002A (GNMA Collateralized -
National Church Residence of Charlotte, NC, Inc. Project)
- Aaa/RUR Downgrade
42. North Carolina HFA - Special Facility Bonds 2002 Multi-Family
Housing Revenue Bonds, Series 2002B (GNMA Collateralized -
National Church Residence of Clinton, NC, Inc. Project)
- Aaa/RUR Downgrade
43. North Carolina HFA - Special Facility Bonds 2002 Multi-Family
Housing Revenue Bonds, Series 2002C (GNMA Collateralized -
National Church Residence of Monroe, NC, Inc. Project)
- Aaa/RUR Downgrade
44. North Carolina Housing Finance Agency, Multi-Family
Housing Revenue Bonds (GNMA Collateralized - National Church Residence
of Rocky Mount, NC, Inc. Project), Series 2002D
- Aaa/RUR Downgrade
45. Ohio HFA - (Gama Collateralized- Kennedy Portfolio)
Multi-Family Housing Revenue Bonds, Series 2005J (GNMA Collateralized-
Kennedy Portfolio Project) - Aaa/RUR Downgrade
46. Ohio Housing Finance Agency, Multi-Family Housing
Mortgage Revenue Bonds (GNMA Collateralized —Madonna Homes Project),
Series 2006L - Aaa/RUR Downgrade
47. Ohio Housing Finance Agency, Multi-Family Housing
Mortgage Revenue Bonds (GNMA Collateralized - Covenant House Apartments
Project) Series 2008C - Aaa/RUR Downgrade
48. South Carolina State Housing Finance & Development Authority
Multi-Family Housing Revenue Bonds (Greenville Apts.) -
Aaa/RUR Downgrade
49. South Carolina State Housing Finance & Development Authority
Multi-Family Housing Revenue Bonds (Hillendale Apts.) -
Aaa/RUR Downgrade
50. South Carolina State Housing Finance & Development Authority
Multi-Family Housing Revenue Bonds (Beverly Apts.) -
Aaa/RUR Downgrade
51. Utah Housing Corporation (GNMA Collateralized) Mortgage Revenue
Bonds, (The Bluffs Apartments Project), Series 2002A and Taxable
Series 2002A-T - Aaa/RUR Downgrade
52. Utah Housing Corporation GNMA Collateralized Mortgage Revenue
Bonds (Canyon View Apartments Project) Series 2002A and Taxable Series
2002A-T - Aaa/RUR Downgrade
53. Utah Housing Corporation GNMA Collateralized Mortgage Revenue
Bonds (Fireclay II Apartments Project) 2011 Series A - Aaa/RUR
Downgrade
54. Utah Housing Corporation GNMA Collateralized Mortgage Revenue
Bonds (Fireclay II Apartments Project) 2009 Series A - Aaa/RUR
Downgrade
55. Utah Housing Corporation Multi-Family Housing -
Coppergate Apartments Project (GNMA) - Aaa/RUR Downgrade
56. Utah Housing Corporation Multi-Family Housing -
Haven Pointe Project, Series 2005 - Aaa/RUR Downgrade
57. Utah Housing Corporation Multi-Family Housing -
Park Gate Apartment Project Series 2005 - Aaa/RUR Downgrade
58. Washington State Housing Finance Commission (Alaska House Apartment
Project), WA - Aaa/RUR Downgrade
59. Washington State Housing Finance Commission (International
House Apartment Project) - Aaa/RUR Downgrade
60. Washington State Housing Finance Commission Multi-Family
Mortgage Revenue Bonds (GNMA Mortgage Backed Securities Program -
Parkway Apartments Project) Series 2002A & B - Aaa/RUR Downgrade
61. Washington State Housing Finance Commission Multi-Family
Mortgage Revenue Bonds (GNMA Mortgage Backed Securities Program:
Tashiro-Kaplan Apartments Project) Series 2003A (AMT) and Series
2003B (Taxable) - Aaa/RUR Downgrade
62. California HFA Affordable Multifamily Housing Revenue Bonds
(GNMA Collateralized Mortgage Loan Providence Gardens Apartments) 2009
Series A-7 - Aaa/RUR Downgrade
63. ABAG Finance Authority for Nonprofit Corporations Multi-Family
Housing Revenue Bonds
(Park Manor Apartments Project) 2001 Series A - Aaa/RUR Downgrade
64. Albany (City of) NY, Industrial Development. Auth.
Civic Facility Revenue Bonds (GNMA Collateralized Mortgage Loan -
Daughters of Sarah Nursing Home Company, Inc. Project) 2002A
- Aaa/RUR Downgrade
65. Anderson (County of) TN, Health & Educational Facility
Multi-Family Housing Revenue Refunding Bonds (Clinton Towers Project)
2003 - Aaa/RUR Downgrade
66. Arizona HFA Multi-Family (GNMA Collateralized -
Casa De Flores Project) 2007 - Aaa/RUR Downgrade
67. Asheville Housing Authority, NC Multi-Family Housing
Revenue Bonds (GNMA Collateralized - Battery Park Project) 2004
- Aaa/RUR Downgrade
68. Atlanta Urban Residential Finance Authority, GA,
Multi-Family Housing Revenue Bonds (GNMA Collateralized -
Amal Heights Townhomes Project), Series 2010, $9.125MM
- Aaa/RUR Downgrade
69. Bethany Retirement Home, Inc., NY Multi-Family
Revenue Bonds (GNMA Coll. Mortgage Loan - Bethany Retirement
Home, Inc. Project.) 2007 - Aaa/RUR Downgrade
70. Bexar County Housing Finance Corporation, TX Multi-Family
Housing Revenue Bonds (GNMA Collateralized - Wurzbach Manor Apartments
Project) 2003 - Aaa/RUR Downgrade
71. Bexar County Housing Finance Corporation, TX Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Perrin
Square Apartments) 2001 - Aaa/RUR Downgrade
72. Bexar County Housing Finance Corporation, TX Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Stablewood
Farms Apartments) 2001 - Aaa/RUR Downgrade
73. Bexar County Housing Finance Corporation, TX Multi-Family
Housing Revenue Bonds (Park Ridge Apartments Project) Series 2004 -
Aaa/RUR Downgrade
74. Brown (County of) OH Mortgage Revenue Bonds (GNMA Collateralized
- Hyde Park West/Forest Glade Apartments Projects) Series 2003A
& B - Aaa/RUR Downgrade
75. Butler (County of) OH Multi-Family (GNMA Collateralized
- Trinity Manor) 2006 - Aaa/RUR Downgrade
76. Calcasieu Parish Public Trust Authority, LA, Single
Family Mortgage Revenue Bonds (Guaranteed Mortgage-Backed Securities
Program - Aaa (sf)/RUR Downgrade
77. California Housing Finance Agency, Affordable Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Wolf
House Apartments Project), Series 2009 A-20, $16.500MM
- Aaa/RUR Downgrade
78. California Statewide Community Dev Auth Multi-Family
Housing rev Bonds (GNMA Collateralized-Steinbeck Commons) Ser.'98L
& LT - Aaa/RUR Downgrade
79. California Statewide Communities Development. Auth.
Multi-Family Housing Revenue Bonds (GNMA Collateralized -
Lincoln Apartments Project) 2001 - Aaa/RUR Downgrade
80. Cameron County Housing Finance Corporation, Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Rockwell
Manor Apartments Project), 2007 - Aaa/RUR Downgrade
81. Charlotte City Housing Authority, NC, Multi-Family
Housing Revenue Bonds (Ginnie Mae Collateralized Mortgage Loan -
South Oak Crossing Apartments Project) Series 2006 - Aaa/RUR Downgrade
82. Chicago (City of) IL Collateralized Single Family Mortgage
Revenue Bonds 2001A & B - Aaa (sf)/RUR Downgrade
83. Chicago (City of) IL Collateralized Single Family Mortgage
Revenue Bonds 2002D - Aaa (sf)/RUR Downgrade
84. Chicago (City of) IL Collateralized Single Family Mortgage
Revenue Bonds 2006A&B - Aaa (sf)/RUR Downgrade
85. Chicago (City of) IL, Collateralized Single Family Mortgage
Revenue Bonds, 2006 E&F - Aaa (sf)/RUR Downgrade
86. Chicago (City of) IL, Collateralized Single Family Mortgage
Revenue Bonds, 2006 G&H - Aaa (sf)/RUR Downgrade
87. Chicago (City of) IL, Collateralized Single Family Mortgage
Revenue Bonds, 2006 I & J - Aaa (sf)/RUR Downgrade
88. Chicago (City of) IL, Collateralized Single Family Mortgage
Revenue Bonds, Series 2006C&D - Aaa (sf)/RUR Downgrade
89. Chicago (City of) IL, Housing Revenue Refunding Bonds,
2006K - Aaa (sf)/RUR Downgrade
90. Chicago (City of) IL, Multi-Family Housing Revenue
Bonds (Drexel Preservation Project), 2007 - Aaa/RUR Downgrade
91. Chicago (City of) IL, Multifamily Housing Revenue Bonds
(Hazel Winthrop Apartments) Series 2012A - Aaa/RUR Downgrade
92. Chicago Multi-family Housing Rev Ser 1999A (GNMA Col-Hearts
United Apts Project) - Aaa/RUR Downgrade
93. City of Albuquerque, New Mexico, Industrial Development
Revenue Refunding Bonds (GNMA Collateralized-Albuquerque Manor
Nursing Home Project) Series 1999 A&B - Aaa/RUR Downgrade
94. City of Cambridge, Ohio, Multi-Family Housing
Revenue Bonds (Ginnie Mae Collateralized - Cambridge Heights Apartments
Project) Series 2008 - Aaa/RUR Downgrade
95. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007 A - Aaa (sf)/RUR Downgrade
96. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007 C - Aaa (sf)/RUR Downgrade
97. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007 E - Aaa (sf)/RUR Downgrade
98. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007 G - Aaa (sf)/RUR Downgrade
99. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007-2A - Aaa (sf)/RUR Downgrade
100. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007-2C - Aaa (sf)/RUR Downgrade
101. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007-2E - Aaa (sf)/RUR Downgrade
102. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007-2G - Aaa (sf)/RUR Downgrade
103. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007-2I - Aaa (sf)/RUR Downgrade
104. City of Chicago, Collateralized Single Family Mortgage
Revenue Bonds, Series 2007-2K - Aaa (sf)/RUR Downgrade
105. City of Chicago, Multi-Family Housing Revenue
Bonds (Clara's Village Project), Series 2007A (FHA Insured/GNMA)
- Aaa/RUR Downgrade
106. City of Chicago, Multi-Family Housing Revenue
Bonds (Coppin House Project), Series 2007A (FHA Insured/GNMA) -
Aaa/RUR Downgrade
107. City of Chicago, Multi-Family Housing Revenue
Bonds (Sankofa House Project), Series 2007A (FHA Insured/GNMA) -
Aaa/RUR Downgrade
108. City of Coon Rapids, Minnesota, Multi-Family
Rental Housing Revenue Bonds (GNMA Collateralized Mortgage Loan -
Mississippi View Apartments Project) Series 2006 - Aaa/RUR Downgrade
109. City of Golden Valley, MN Senior Living Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Calvary
Center Apts. Project) Series 2006A - Aaa/RUR Downgrade
110. City of Greeley, Colorado, Multi-Family
Housing Revenue Bonds (GNMA Collateralized - Meeker Commons) Series
2000 - Aaa/RUR Downgrade
111. City of Kansas City, City of Olathe and LaBette County,
Kansas, GNMA Collateralized Mortgage Revenue Bonds, Series
1992 - Aaa (sf)/RUR Downgrade
112. City of Kansas City, Kansas, GNMA Collateralized
Mortgage Obligation, Series 1995 - Aaa (sf)/RUR Downgrade
113. City of Lebanon, Indiana Multi-Family Housing
Mortgage Revenue Bonds GNMA Collateralized-Lebanon Manor Village
Apartments Series 2002A - Aaa/RUR Downgrade
114. City of Minneapolis Minnesota Multi-Family Housing
Revenue Bonds (GNMA Collateralized Mortgage Loan-Seward Towers
Project) Series 2003 - Aaa/RUR Downgrade
115. City of Minneapolis Minnesota Multi-Family Housing
Revenue Bonds (GNMA Collateralized Mortgage Loan - Sumner Field
Phase Ii, Lp Project) Series 2003A - Aaa/RUR Downgrade
116. City of Minneapolis Minnesota Multi-Family Housing
Revenue Bonds (GNMA Collateralized Mortgage Loan Sumner Field Partners
Lp Project) Series 2002A - Aaa/RUR Downgrade
117. City of Newark (New Jersey) 2001 Healthcare Facility Revenue
Bonds (GNMA Collateralized - New Community Urban Renewal Corporation
Extended Care Facility) Series A - Aaa/RUR Downgrade
118. City of Pine City, MN, Health Care and Housing
Revenue Bonds (GNMA Collateralized Mortgage Loan - North Branch
Senior Living, LLC Project) Series 2006A - Aaa/RUR Downgrade
119. Columbus Regional Airport Authority, OH Multi-Family
Housing Mortgage Revenue Bonds (Berwick Grove Project) 2004 - Aaa/RUR
Downgrade
120. Community Development Administration, Maryland Department
of Housing and Community Development, Multi-Family Development
Revenue Bonds (Washington Gardens) Series 2005B - Aaa/RUR Downgrade
121. Community Development Administration, Maryland Department
of Housing and Community Development, Multi-Family Development
Revenue Bonds (Waters Towers Senior Apartments Project) Series 2001F -
Aaa/RUR Downgrade
122. County of Butler, Ohio, Multi-Family Housing
Revenue Bonds (Meadow Ridge Apartments Project) Series 2002A -
Aaa/RUR Downgrade
123. County of Clermont, Ohio, Mortgage Revenue Bonds,
Series 1993 (FHA Insured Mtd. Loan - S.E.M.
Villa II Project) - Aaa/RUR Downgrade
124. County of Cuyahoga, Ohio, Multi-Family
Housing Mortgage Revenue Bonds, 2001 Series A (GNMA Collateralized
- Longwood Phase One Associates, L.P. Project)
- Aaa/RUR Downgrade
125. County of Franklin Ohio Multi-Family Housing Mortgage
Revenue Bonds GNMA Collateralized Carriage House Apartments Series 2002
- Aaa/RUR Downgrade
126. County of Franklin, Ohio, Mortgage Revenue Refunding
Bonds, Series 1998E (GNMA Collateralized Gateway Apt. Homes
Project) - Aaa/RUR Downgrade
127. County of Lorain, Ohio - Multi-Family
Housing Revenue Bonds, Series 2009A (GNMA Collateralized --
Kensington Square Apartments Project) - Aaa/RUR Downgrade
128. County of Westchester Industrial Development Agency,
Civic Facility Revenue Bonds, Series 2001A (GNMA Collateralized
Mortgage Loan - Living Independently for the Elderly, Inc.
Project) - Aaa/RUR Downgrade
129. CRHMFA Homebuyers Fund, CA, Single Family Mortgage
Revenue Bonds (Mortgage-Backed Securities Program) 2006A -
Aaa (sf)/RUR Downgrade
130. CRHMFA Homebuyers Fund, CA, Single Family Mortgage
Revenue Bonds (Mortgage-Backed Securities Program) 2007A -
Aaa (sf)/RUR Downgrade
131. CRHMFA Homebuyers Fund, CA, Single Family Mortgage
Revenue Bonds (Mortgage-Backed Securities Program) 2007E -
Aaa (sf)/RUR Downgrade
132. CRHMFA Homebuyers Fund, CA, Single Family Housing
Bonds (South Plains Project) 2007 C - Aaa (sf)/RUR Downgrade
133. Cuyahoga (County of) OH Multi-Family Housing Revenue
Bonds (GNMA Collateralized - Clifton Plaza Apartments Project)
2005 - Aaa/RUR Downgrade
134. Cuyahoga (County of) OH Multi-Family Housing Mortgage
Revenue Bonds (GNMA Collateralized - Arbor Park Phase Two Associates
Project) 2003A - Aaa/RUR Downgrade
135. Cuyahoga (County of) OH Multi-Family Housing Mortgage
Revenue Bonds (GNMA Collateralized - Arbor Park Phase Three Associates,
LP Project) 2004A - Aaa/RUR Downgrade
136. Cuyahoga (County of) OH Multi-Family Housing Mortgage
Revenue Bonds (GNMA Collateralized - Rainbow Terrace Apartments
Project) 2001A - Aaa/RUR Downgrade
137. Dakota County Community Development Agency, Minnesota,
Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage
Loan - Ebeneezer Ridges Assisted Living Project) Series 2000 -
Aaa/RUR Downgrade
138. Dakota County Community Development Agency.,
MN Multi-Family Housing Revenue Bonds (GNMA Collateralized -
Mortgage Loan - Grande Market Place Project) 2002A & A-T
- Aaa/RUR Downgrade
139. Dakota County Community Development Agency.,
MN Multi-Family Housing Revenue Bonds (GNMA Collateralized -
Rose Apartments) 2001 - Aaa/RUR Downgrade
140. El Paso (County of), CO, GNMA Collateralized Mortgage
Revenue Bonds (Stetson Meadows Apartments Project) 2002A & 2002A-T
- Aaa/RUR Downgrade
141. El Paso (County of), CO, Single Family Mortgage
Revenue Refunding Bonds, Series 1992A Class B-2 -
Aaa (sf)/RUR Downgrade
142. Erie (County of) OH Multi-Family Housing Revenue Bonds
(GNMA Collateralized - Harbourview Senior Housing Project) 2007
- Aaa/RUR Downgrade
143. Erie County Industrial Development Agency, NY,
Multi-Family Housing Revenue Bonds (GNMA Collateralized -
Elmwood Square Apartments) Series 2004 - Aaa/RUR Downgrade
144. Escambia County Housing Finance Auth., FL,
Single Family Mortgage Revenue Bonds (Multi-County Program),
Series 2007A - Aaa (sf)/RUR Downgrade
145. Escambia County Housing Finance Auth., FL,
Single Family Mortgage Revenue Bonds, 2007B - Aaa (sf)/RUR
Downgrade
146. Escambia County Housing Finance Authority Single Family Mortgage
Revenue Bonds Series 2006A - Aaa (sf)/RUR Downgrade
147. Escambia County Housing Finance Authority, FL Series
GSE-R Single Family Mortgage Revenue Bonds - Aaa (sf)/RUR
Downgrade
148. Florida Housing Finance Corporation Multi-Family Mortgage
Revenue Bonds (Grande Court at Boggy Creek Apartments) Series 2002 -
Aaa/RUR Downgrade
149. Fort Bend County Housing Finance Corp., TX Single
Family Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage-Backed
Securities Program) 2002 - Aaa (sf)/RUR Downgrade
150. Fort Worth Housing Finance Corporation GNMA Collateralized
Multi-Family Housing Revenue Bonds(Villas of Eastwood Terrace Senior
Apartments)Series 2002 - Aaa/RUR Downgrade
151. Franklin (County of) OH Multi-Family (GNMA Collateralized
- Agler Green Project) 2002A - Aaa/RUR Downgrade
152. Franklin (County of) OH Multi-Family Housing Revenue
Bonds (GNMA Collateralized - Waggoner Senior Housing Project) Series
2002A - Aaa/RUR Downgrade
153. Fredericksburg (City of) VA, Ind. Dev.
Auth. Multi-Family Housing Revenue Bonds (GNMA Mortgage-Backed
Securities Program - Heritage Park I Apartments Project) 2003A
- Aaa/RUR Downgrade
154. Fredericksburg (City of) VA, Ind. Dev.
Auth. Multi-Family Housing Revenue Bonds (GNMA Mortgage-Backed
Securities Program - Heritage Park II Apartments Project) 2003B
- Aaa/RUR Downgrade
155. Gateway Public Facility Corporation, TX Multi-Family
Housing Revenue Bonds (Stonegate Villas Apartments) 2004 - Aaa/RUR
Downgrade
156. Harris County Housing Finance Corporation, TX Multi-Family
(GNMA Collateralized Palomino Place Apts) 2001 - Aaa/RUR Downgrade
157. Harris County Housing Finance Corporation, TX Multi-Family
Housing Revenue Bonds (Kimberly Pointe Apartments) 2003 - Aaa/RUR
Downgrade
158. Harrisonburg Redevelopment & Housing Auth, VA Taxable
Multi-Family Housing Revenue Bonds (Huntington Village Apartments
Project) 2001B - Aaa/RUR Downgrade
159. Herkimer (County of) NY, I.D.A.
Civic Facility Revenue Bonds (GNMA Collateralized - Folts Adult
Home Project) 2005 A & B - Aaa/RUR Downgrade
160. Hillsborough Co. Housing Finance Auth.,
FL, Single Family Housing Revenue Bonds (Multi-County Program),
Series 2006 - Aaa (sf)/RUR Downgrade
161. Hillsborough Co. Housing Finance Auth.,
FL, Single Family Housing Revenue Bonds, 2007 - Aaa
(sf)/RUR Downgrade
162. Hospital for Special Surgery, NY, GNMA Collateralized
Taxable Revenue Bonds (Hospital for Special Surgery Project), Series
2011, $64.965MM - Aaa/RUR Downgrade
163. Housing & Redevelopment Authority of the City of St.
Paul and Minneapolis MN Multi-Family Housing Revenue Bonds Series
2006A (GNMA Collateralized Mortgage Loan - Torre de San Miguel
Homes, Westminster Place & Vista Village Projects) -
Aaa/RUR Downgrade
164. Housing & Redevelopment Authority of the City of St.
Paul MN Multi-Family Housing Revenue Bonds (GNMA Collateralized
Mortgage Loan - Phalen Senior Lofts) Series 2005 - Aaa/RUR
Downgrade
165. Housing & Redevelopment Authority of the City of St.
Paul MN Multi-Family Housing Revenue Bonds (GNMA Collateralized
Mortgage Loan - University & Dale Project) Series 2005A -
Aaa/RUR Downgrade
166. Housing and Redevelopment Authority of the City of St.
Paul MN Multi-Family, Housing Revenue Bonds (GNMA Collateralized
Mortgage Loan - Lyons Court Project) Series 2004 - Aaa/RUR
Downgrade
167. Housing Authority of the City of Durham Multi-Family
Housing Revenue Bonds(Oakley Square Apartments), Series 2002 A -
Aaa/RUR Downgrade
168. Housing Authority of the City of Milwaukee Multi-Family
Housing Revenue Refunding Bonds, Series 2002 (Veterans Housing Projects)
- Aaa/RUR Downgrade
169. Housing Authority of the City of Oshkosh, Wisconsin,
GNMA Collateral Multi-Family Housing Revenue Bonds, Series
1997 (VNA Apartments Inc. Project) - Aaa/RUR Downgrade
170. Housing Authority of the City of Oshkosh, Wisconsin,
GNMA Collateral Multi-Family Housing Revenue Bonds, Series
1997 (VNA Assisted Living Inc. Project) - Aaa/RUR Downgrade
171. Housing Finance Authority of Lee County Florida Single Family
Mortgage Revenue Bonds (Multi-County Program) Series 1999A-1
and A-2 - Aaa (sf)/RUR Downgrade
172. Houston Housing Finance Corporation, TX Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - North
Forest Trails Apartments) 2003 - Aaa/RUR Downgrade
173. Houston Housing Finance Corporation, TX Single Family
Mortgage Revenue Refunding Bonds (GNMA and Fannie Mae Mortgage-Backed
Securities Program) 2005A - Aaa (sf)/RUR Downgrade
174. Houston Housing Finance Corporation, TX Single Family-MBS2002A
& B - Aaa (sf)/RUR Downgrade
175. Howard (County of) MD, Multi-Family Housing Revenue
Bonds (Patuxent Square Apartments Projects) 2006 - Aaa/RUR Downgrade
176. Indianapolis (City of) IN, Multi-Family Housing
Revenue Bonds, (Cambridge Station Apartments Project), Series
2004, $7.8M - Aaa/RUR Downgrade
177. Jacksonville Housing Finance Authority, FL Multi-Family
Housing Mortgage Revenue Bonds (Timuquana Park Apartments) 2004 -
Aaa/RUR Downgrade
178. Jacksonville Housing Finance Authority, FL Series 2009B
HOMEOWNER REVENUE BONDS - Aaa (sf)/RUR Downgrade
179. Jacksonville Housing Finance Authority, FL, Homeowner
Mortgage Revenue Bonds, 2006A - Aaa (sf)/RUR Downgrade
180. Jefferson (County of) CO, Housing Authority Multi-Family
Housing Revenue Bonds (Ginnie Mae Collateralized Mortgage Loan -
Starcrest Apartments Project) 2001 & 2001-T - Aaa/RUR
Downgrade
181. Jefferson (County of,) KY, Multi-Family
Housing Revenue Bonds(GNMA Collateralized - Station House Square
Apartments), Series 2002A&B - Aaa/RUR Downgrade
182. Jefferson (Parish of) LA, Home Mtge. Auth.
Single Family Mortgage Revenue Refunding Bonds 2005 - Aaa (sf)/RUR
Downgrade
183. Jefferson Parish Finance Authority, LA, Single
Family Mortgage Refunding Bonds 2006C - Aaa (sf)/RUR Downgrade
184. Kansas City Industrial Development Authority, MO,
Housing Facilities Revenue Bonds, (GNMA Collateralized-Grand
Boulevard Lofts Project), Series 2009A, $8.875MM
- Aaa/RUR Downgrade
185. King Co. Housing. Auth. Nonprofit Housing.
Revenue (GNMA Mtge. Backed Sec. - Fred Lind Manor)
Ser. '97 - Aaa/RUR Downgrade
186. King County Housing Authority, WA Housing Revenue Bonds
(GNMA Collateralized Mortgage Loan - Vashon Community Care Center
Project) 2001A & B - Aaa/RUR Downgrade
187. Lee County Housing Finance Authority, FL, Single
Family Mortgage Revenue Bonds 2006 - Aaa (sf)/RUR Downgrade
188. Lee County Housing Finance Authority, FL, Single
Family Mortgage Revenue Bonds 2006C, D & E - Aaa (sf)/RUR
Downgrade
189. Louisiana Loc Government Envir Facility & Community Dev
Auth Mortgage Revenue Bonds (GNMA Collateralized - Cypress Apartments
Project) 2003A & B - Aaa/RUR Downgrade
190. Louisiana Public Facilities Authority, Mortgage Revenue
Bonds (GNMA Collateralized Mortgage Loan - North Park Apartments
Project), Series 2005 - Aaa/RUR Downgrade
191. Lubbock Housing Finance Corporation (The), TX,
Single Family Mortgage Revenue Bonds (Guaranteed Mortgage-Backed
Securities , 2008 - Aaa (sf)/RUR Downgrade
192. Macon Housing Auth Single Family Mort Rev Bonds, Ser
2000A & B - Aaa (sf)/RUR Downgrade
193. Macon Housing. Auth. Single family mtge.
Revenue (GNMA & FNMA Mtge. Backed Sec. Program.),
Ser 1995 - Aaa (sf)/RUR Downgrade
194. Manatee County Housing Finance Authority, FL Single
Family Mortgage Revenue Bonds 2003, Sub Series One - Aaa
(sf)/RUR Downgrade
195. Manatee County Housing Finance Authority, FL Single
Family Mortgage Revenue Bonds 2004, Sub Series One - Aaa
(sf)/RUR Downgrade
196. Manatee County Housing Finance Authority, FL,
Single Family Mortgage Revenue Bonds, 2006 Subseries 1 -
Aaa (sf)/RUR Downgrade
197. Maricopa County Industrial Dev. Auth.,
AZ, Senior Living Healthcare Revenue Refunding Bonds (GNMA Collateralized
Mortgage Loan - Immanuel Campus Care Project), 2006 A -
Aaa/RUR Downgrade
198. Maricopa County Industrial Dev. Auth.,
AZ, Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Guadalupe
Huerta Apartments Project) 2007 - Aaa/RUR Downgrade
199. Maricopa County Industrial Dev. Auth.,
AZ, Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Rosa
Linda Apartments Project.) 2007 - Aaa/RUR Downgrade
200. Maryland Community Development Admin. Multi-Family
Development Revenue Bonds (Orchard Mews Apartments Project) 2002C -
Aaa/RUR Downgrade
201. Maryland Community Development Admin. Multi-Family
Development Revenue Bonds (Princess Ann Townhouses Project) 2001D -
Aaa/RUR Downgrade
202. Memphis Health Educational & Housing Facility Board,
TN, Multi-Family Mortgage Revenue Bonds (Edgewater Terrace
Apartments Project0, Series 2002A & B - Aaa/RUR Downgrade
203. Michigan Strategic Fund Limited Obligation Nursing Home Revenue
Refunding Bonds (GNMA Mortgage-Backed Security - Autumn
Woods Project) 2002 - Aaa/RUR Downgrade
204. Middletown Housing Authority, NY, Multi-Family
Housing Revenue Bonds (Summitfield & Moore Heights Apartments Project)
Series 2006 - Aaa/RUR Downgrade
205. Minneapolis (City of) MN Multi-Family Housing Revenue
Bonds (GNMA Collateralized - East Phillips Commons Project) 2003
- Aaa/RUR Downgrade
206. Minneapolis (City of) MN Multi-Family (GNMA Collateralized
- Bottineau Commons) 2002 - Aaa/RUR Downgrade
207. Minneapolis (City of) MN Multi-Family Housing Revenue
Bonds (GNMA Collateralized - Bottineau Lofts) 2002 - Aaa/RUR
Downgrade
208. Minneapolis (City of) MN Multi-Family Housing Revenue
Bonds (GNMA Collateralized Mortgage Loan - Shingle Creek Commons
Project) 2001 - Aaa/RUR Downgrade
209. Minneapolis (City of) MN Multi-Family Housing Revenue
Bonds (GNMA Collateralized Mortgage Loan Vantage Flats Project) 2007A
- Aaa/RUR Downgrade
210. Minnetonka Multi-Family Housing Rev Refunding (GNMA
Collateralized-Archer Heights Apts) Ser '99A - Aaa/RUR Downgrade
211. Modesto (City of) CA Multi-Family Housing Revenue Bonds
(Shadowbrook Apartments) 2001B - Aaa/RUR Downgrade
212. Monroe County Industrial Development Agency, NY,
GNMA Collateralized Industrial Development Revenue Bonds (Affinity Orchard
Place, LP Project) Series 2004 - Aaa/RUR Downgrade
213. Montefiore Medical Center, NY (GNMA Collateralized Taxable
Bonds) Series 2011 - Aaa/RUR Downgrade
214. Montgomery (County of) OH Health Care Project Revenue Bonds
(GNMA Collateralized - Mary Scott Nursing Home, Inc.
Project) 2001A - Aaa/RUR Downgrade
215. Montgomery (County of) OH Multi-Family Housing Revenue
Bonds (Bella Vista Homes Project) 2003A - Aaa/RUR Downgrade
216. Montgomery County Housing Fin Corp, TX Multi-Family
Housing Revenue Bonds (Bellshire Apartments Project) 2001 - Aaa/RUR
Downgrade
217. New Jersey Economic Development Authority GNMA Collateralized
Mortgage Revenue Bonds (Victoria Health Corporation Project) 2001A &
B - Aaa/RUR Downgrade
218. New Mexico Mortgage Finance Authority Single Family Mortgage
Program Bonds 2005A - Aaa (sf)/RUR Downgrade
219. New Mexico Regional Housing. Auth. for Region
II Multi-Family Housing Refunding Revenue Bonds (GNMA Collateralized
- Country Club Apartments Project)Series 2002 - Aaa/RUR
Downgrade
220. New Orleans Finance Authority, LA GNMA Mortgage-Backed
Securities Revenue Refunding Bonds2003-A- & A-2
- Aaa (sf)/RUR Downgrade
221. Newark (City of) Housing Authority Housing Revenue Bonds (GNMA
Collateralized-Lock Street Apartments Project), Series 2000A
- Aaa/RUR Downgrade
222. Newark (City of) Housing Authority Multi-Family Housing
Revenue Bonds (GNMA Collateralized-Fairview Apartments Project),
Series 2000A - Aaa/RUR Downgrade
223. Nortex Housing Finance Corporation, Single Family Mortgage
Revenue Bonds 2006 A - Aaa (sf)/RUR Downgrade
224. Nueces County Housing Finance Corporation, TX,
Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage
Loan - Gulfway Manor Project) 2007 - Aaa/RUR Downgrade
225. Ohio Capital Corporation for Housing Mortgage Revenue Refunding
Bonds (GNMA Collateralized - Chadwick Place Apartments and Plaza
Apartments Projects) 2003A & B - Aaa/RUR Downgrade
226. Oklahoma County Home Finance Authority, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program),
Series 2006 A (AMT), $ 20MM - Aaa (sf)/RUR Downgrade
227. Oklahoma County Home Finance Authority, OK Single Family
Mortgage Revenue and Refunding Bonds (GNMA Mortgage-Backed Securities
Program) 2005A-1 and A-2 - Aaa (sf)/RUR Downgrade
228. Oklahoma County Home Finance Authority, Taxable Residual
Revenue Capital Appreciation Bonds, Series 2009, $1.100442MM
- Aaa (sf)/RUR Downgrade
229. Panhandle Regional Housing Finance Corp. TX Multi-Family
Housing Revenue Bonds (GNMA Collateralized - Blue Water Gardens
Apartments) 2004A & B - Aaa/RUR Downgrade
230. Panhandle Regional Housing Finance Corp. TX Multi-Family
Housing Revenue Bonds (GNMA Collateralized - Renaissance of Amarillo
Apts) 2001A & B - Aaa/RUR Downgrade
231. Penfield-Crown Oak Housing Development Corp,
Multi-Family Housing Revenue Bonds (Crown Oak Apartments Project)
2006A - Aaa/RUR Downgrade
232. Peregrine's Landing, LLC Facility Revenue Bonds (GNMA
Security)Series 2002A & Taxable Series 2002B - Aaa/RUR Downgrade
233. Permian Basin Regional Housing. Fin. Corp.,
TX, Single Family Mortgage Revenue Bonds 2006 A-1,
A-2 & A-3 - Aaa (sf)/RUR Downgrade
234. Phoenix Industrial Development Authority, AZ,
Multi-Family Housing Revenue Bonds (GNMA Collateralized -
Escala Central City Apartments Project) 2005A - Aaa/RUR Downgrade
235. Pittsburgh Urban Redevelopment Authority, PA,
Multi-Family Housing Revenue Bonds (Eva P. Mitchell Residences
Project), Series 2009, $4.400MM - Aaa/RUR
Downgrade
236. Pittsburgh Urban Redevelopment Authority, PA,
Multi-Family Housing Revenue Bonds (GNMA Collateralized -
West Park Court Project) 2006 - Aaa/RUR Downgrade
237. Port Arthur Housing Finance Corporation Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Heatherbrook
Apartments) Series 2004 - Aaa/RUR Downgrade
238. Prince George's County Housing Authority, MD Multi-Family
Housing Revenue Refunding Bond (Emerson House Project) 2005 - Aaa/RUR
Downgrade
239. Providence City Housing Authority, RI, Multi-family
Housing Revenue Bonds (Lockwood Plaza Project) 2002 - Aaa/RUR Downgrade
240. Providence Housing Authority, RI, Collateralized
Mortgage Revenue Bonds (New Canonchet Cliffs Apartments Project) 2007A
- Aaa/RUR Downgrade
241. Rapides Finance Authority, Single Family Mortgage Revenue
Bonds (GNMA and Fannie Mae Mortgage-Backed Securities Program),
Series 1998A (AMT and Series 1998B (Non-AMT) - Aaa (sf)/RUR
Downgrade
242. Rapides Finance Authority, Single Family Mortgage Revenue
Bonds, Series 2005A - Aaa (sf)/RUR Downgrade
243. Region III Housing Auth. New Mexico, Inc.
Multi-Family Housing Revenue Bonds (GNMA Collateralized -
Vista Grande Apartments Project) Series 2003A - Aaa/RUR Downgrade
244. Region III Housing Authority, New Mexico, Inc.
Multi-Family Housing Refunding and Improvement Revenue Bonds (La
Resolana Apts. Project) Ser.2005A - Aaa/RUR Downgrade
245. Rochester Housing Authority, NY, Multi-Family
Housing Revenue Bonds (GNMA Collateralized - Andrews Terrace Apartments
Project) Series 2006 - Aaa/RUR Downgrade
246. Saint Paul Housing & Redevelopment Auth. MN Multi-Family
Housing Revenue Bonds (GNMA Collateralized - Selby-Grotto
Limited Partnership) 2003 - Aaa/RUR Downgrade
247. Saint Paul Housing & Redevelopment Auth. MN Multi-Family
Housing Revenue Bonds (GNMA Collateralized - Strauss Apartments)
2002 - Aaa/RUR Downgrade
248. San Antonio Housing Fin Corp, TX Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Southside
Villas Apartments Project) 2003 - Aaa/RUR Downgrade
249. San Bernardino Co Single Family Home Mortgage Rev Ser '99A-1,
'99A-2, & '99B-1 - Aaa (sf)/RUR Downgrade
250. San Bernardino County Housing Authority, CA Multi-Family
Mortgage Revenue Bonds (GNMA Collateralized - Santiago Hillside
Estate Mobilhome Park) 2003A - Aaa/RUR Downgrade
251. San Bernardino County Housing Authority, CA Multi-Family
Mortgage Revenue Bonds (GNMA Collateralized - Santiago Orangewood
Estate Mobilhome Park) 2003A - Aaa/RUR Downgrade
252. San Diego City Housing Authority, CA, Tax-Exempt
Multi-Family Housing Revenue Refunding Bonds (Island Village Apartments)
Series 2001B - Aaa/RUR Downgrade
253. Seattle Housing Authority, WA Multi-Family Housing
Revenue Bonds (GNMA Collateralized Mortgage Loan - Wisteria Court
Project) 2003 - Aaa/RUR Downgrade
254. Sedgwick & Shawnee (Counties of), KS Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007
A-5 - Aaa (sf)/RUR Downgrade
255. Sedgwick & Shawnee (Counties of), KS Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007
A-6 - Aaa (sf)/RUR Downgrade
256. Sedgwick & Shawnee (Counties of), KS Residual Revenue
Bonds Series 2010 BONDS - Aaa (sf)/RUR Downgrade
257. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2005 A-5 - Aaa (sf)/RUR Downgrade
258. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 A-1 - Aaa (sf)/RUR Downgrade
259. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 A-2 - Aaa (sf)/RUR Downgrade
260. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 A-3 - Aaa (sf)/RUR Downgrade
261. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 A-4 - Aaa (sf)/RUR Downgrade
262. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 A-5 - Aaa (sf)/RUR Downgrade
263. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 A-6 - Aaa (sf)/RUR Downgrade
264. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 B-1 - Aaa (sf)/RUR Downgrade
265. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 B-2 - Aaa (sf)/RUR Downgrade
266. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 B-4 - Aaa (sf)/RUR Downgrade
267. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2007 A-1 - Aaa (sf)/RUR Downgrade
268. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2007 A-2 - Aaa (sf)/RUR Downgrade
269. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2007 A-3 - Aaa (sf)/RUR Downgrade
270. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2006 B-3 - Aaa (sf)/RUR Downgrade
271. Sedgwick & Shawnee (Counties of), KS, Single
Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program)
2007 A-4 - Aaa (sf)/RUR Downgrade
272. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Refunding Bonds (Mortgage-Backed Securities Program)Series
1994A-I (AMT), B-I & C-I - Aaa (sf)/RUR
Downgrade
273. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002
B-2 - Aaa (sf)/RUR Downgrade
274. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002
B-3 - Aaa (sf)/RUR Downgrade
275. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002
B-4 - Aaa (sf)/RUR Downgrade
276. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002
B-5 - Aaa (sf)/RUR Downgrade
277. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-1
- Aaa (sf)/RUR Downgrade
278. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-2
- Aaa (sf)/RUR Downgrade
279. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-3
- Aaa (sf)/RUR Downgrade
280. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-4
- Aaa (sf)/RUR Downgrade
281. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-5
- Aaa (sf)/RUR Downgrade
282. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002B-1
- Aaa (sf)/RUR Downgrade
283. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003
A-1 - Aaa (sf)/RUR Downgrade
284. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003
A-2 - Aaa (sf)/RUR Downgrade
285. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003
A-3 - Aaa (sf)/RUR Downgrade
286. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003
A-4 - Aaa (sf)/RUR Downgrade
287. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003
A-5 - Aaa (sf)/RUR Downgrade
288. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-1
- Aaa (sf)/RUR Downgrade
289. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-2
- Aaa (sf)/RUR Downgrade
290. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-3
- Aaa (sf)/RUR Downgrade
291. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-4
- Aaa (sf)/RUR Downgrade
292. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-5
- Aaa (sf)/RUR Downgrade
293. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-6
- Aaa (sf)/RUR Downgrade
294. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2005A-1
- Aaa (sf)/RUR Downgrade
295. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2005A-2
- Aaa (sf)/RUR Downgrade
296. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2005
A-3 - Aaa (sf)/RUR Downgrade
297. Sedgwick & Shawnee Counties, KS, Single Family
Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2005
A-4 - Aaa (sf)/RUR Downgrade
298. Sedgwick County Kansas, Shawnee County Kansas,
and Reno County Kansas, GNMA Collateralized Single Family Mortgage
Revenue Bonds, Series 1995A - Aaa (sf)/RUR Downgrade
299. Sedgwick County, Kansas and Shawnee County, Kansas,
Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities
Program) Series 2006 B-5 - Aaa (sf)/RUR Downgrade
300. Sedgwick County, Kansas and Shawnee County, Kansas,
Single Family Mortgage Revenue Bonds 1997 Series A-1, A-2
& A-3 - Aaa (sf)/RUR Downgrade
301. South Plains Housing Finance Corporation, TX,
Single Family Mortgage Revenue Bonds (Guaranteed Mortgage-Backed
Securities , 2007-A - Aaa (sf)/RUR Downgrade
302. Southeast Texas Housing Finance Corporation, Single
Family Mortgage Revenue and Refunding Bonds (Guaranteed Mortgage-Backed
Securities Program) Series 2006A-1, Series A-3 -
Aaa (sf)/RUR Downgrade
303. Springfield (Township of) OH Mortgage Revenue Bonds (GNMA
Collateralized - Burney View Apartments Project) Series 2003A and
B - Aaa/RUR Downgrade
304. St. Paul Housing & Redevelopment Auth.,
MN Multi-Family (GNMA Collateralized - Franciscan Health
& Housing Services) 2002 - Aaa/RUR Downgrade
305. State of Oregon Housing Community Services Department Housing
Development Revenue Bonds, 2003 Series A (The Tower at Station Place
Project) - Aaa/RUR Downgrade
306. Sullivan (County of) TN, Health Ed & Housing Facility
Bonds Multi-Family Housing Revenue Refunding Bonds (Maple Oak Apartments)
2003 - Aaa/RUR Downgrade
307. Summit County Port Auth Multi-Family Housing Revenue
Bonds (GNMA Collateralized - Eastland Woods Project) 2004A &
B - Aaa/RUR Downgrade
308. Tarrant (County of), TX Health Facility Development
Corp Mort Rev Bonds (GNMA Collateralized - Multiple Projects -
Mission Oak, et al) - Aaa/RUR Downgrade
309. Tarrant County Housing Finance Corporation, Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Amelia
Parc Senior Apartments) Series 2007 - Aaa/RUR Downgrade
310. Tarrant County Housing. Fin. Corp.,
TX Multi-Family (GNMA Collateralized - Arlington Seniors
Apts) 2002 - Aaa/RUR Downgrade
311. Texas Dept. of Housing & Community Affairs,
Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage
Loan - Prairie Ranch Apartments) 2005 - Aaa/RUR Downgrade
312. Texas State Affordable Housing Corporation Single Family Mortgage
Revenue Bonds (Professional Educators Home Loan Program) 2005A -
Aaa (sf)/RUR Downgrade
313. Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds (Fire Fighter & Law Enforcement or Security Officer Home Loan Program), Series 2005B -
Aaa (sf)/RUR Downgrade
314. The City of Palm Springs, Multi-Family Mortgage
Revenue Bonds (GNMA Collateralized - Sunrise Village Mobile home
Park Project) Series 2004A and Taxable Series 2004B - Aaa/RUR Downgrade
315. The Community Redevelopment Agency of the City of Los Angeles,
California, Multi-Family Housing Revenue Bonds
(GNMA Mortgage-Backed Securities Program—Pico Union Scattered-Site
Preservation Apartments) Series 2002 & 2002-T - Aaa/RUR
Downgrade
316. The Housing Authority of the City of Jackson, Mississippi,
Multi-Family Housing Mortgage Revenue Bonds, Series 2002
(GNMA Collateralized -- Forest Park Apartments) - Aaa/RUR
Downgrade
317. The Unified Government of Wyandotte County/Kansas City,
Kansas Multi-Family Housing Refunding Revenue Bonds, Series
2004 (Brookstone Apartments Project) - Aaa/RUR Downgrade
318. Thief River Falls, (City of), MN Multi-family
Housing Rev Bonds (GNMA Collateralized - Northland Village Apts),
Ser 2000 - Aaa/RUR Downgrade
319. Third Columbus Housing Development Corporation, Multi-Family
Housing Refunding Revenue Bonds Series 1992A, (FHA Mortgage Loan
- Renaissance Villa Section 8 Assisted Project) - Aaa/RUR
Downgrade
320. Trumbull (County of) Ohio Multi-Family Housing Revenue
Bonds (Royal Mall Apartments Projects) 2007A - Aaa/RUR Downgrade
321. Tucson & Pima County Ind. Dev. Auth.,
AZ, Single Family Mortgage Revenue Bonds, 2006 A-1,
A-2, & B - Aaa (sf)/RUR Downgrade
322. Tucson & Pima County Ind. Dev. Auth.,
AZ, Single Family Mortgage Revenue Bonds, 2007 A -
Aaa (sf)/RUR Downgrade
323. Tucson & Pima County Ind. Dev. Auth.,
AZ, Single Family Mortgage Revenue Bonds, 2008 A -
Aaa (sf)/RUR Downgrade
324. Tucson (City of) AZ, Industrial Devel. Auth.,
Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Casa
De Encanto Apts. Project.) 2007 - Aaa/RUR Downgrade
325. UNM Sandoval Regional Medical Center, Inc.,
Multi-Family Bonds, Series 2010 - Aaa/RUR Downgrade
326. Utah Housing Corporation GNMA Collateralized Mortgage Revenue
Bonds (Foxboro Terrace Apartments Project) Series 2004A - Aaa/RUR
Downgrade
327. Village of East Rochester Housing Authority, NY,
Revenue Refunding Bonds (GNMA Security- Genesee Valley Presbyterian
Nursing Center Project), Series 2001 - Aaa/RUR Downgrade
328. Washington State Housing Finance Commission Multi-Family
Housing Revenue Bonds (Stonebrook Apartments Project) 2003A & B -
Aaa/RUR Downgrade
329. Washington State Housing Finance Commission Multi-Family
Housing Revenue Bonds (Stonebrook II Apartments Project) 2004 -
Aaa/RUR Downgrade
330. Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2011A and 2009A - Aaa/RUR
Downgrade
331. Florida HFC - Griffin Heights Apartments Multifamily
Mortgage Revenue Bonds (New Issue Bond Program), Series 2009H -
Aaa/RUR Downgrade
332. California Housing Finance Agency Affordable Multi-Family
Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - One
Santa Fe Apartments) 2009 Series 1-19 - Aaa/RUR Downgrade
333. District of Columbia Housing Finance Agency - Multi-Family
Housing Revenue Bonds (NIBP - Paul L. Dunbar Apartments
Project) - Aaa/RUR Downgrade
334. Florida HFC - Multifamily Mortgage Revenue Bonds (U.S.
Treasury/Government-Sponsored Enterprises New Issue Bond Program)
Series 2009K (Groves at Delray Apartments) - Aaa/RUR Downgrade
335. Florida HFC - Multifamily Mortgage Revenue Bonds (U.S.
Treasury/Government-Sponsored Enterprises New Issue Bond Program)
Series 2009O (Sand Dunes Apartments) - Aaa/RUR Downgrade
336. Florida Housing Finance Corp Multifamily Mortgage Revenue
Bonds (NIBP) Series 2009P (Pine Meadows Apartments) - Aaa/RUR Downgrade
337. Lutheran Medical Center (GNMA Collateralized Taxable Revenue
Bonds) Series 2012 - Aaa/RUR Downgrade
338. Moline (City Of) IL, Municipal Refunding Collateralized
Mortgage Obligation Series 1992A - Aaa/RUR Downgrade
339. Sinai Health System (GNMA Collateralized Taxable Revenue Bond)
Series 2012 - Aaa/RUR Downgrade
340. Texas State Affordable Housing Corporation Single Family Mortgage
Revenue Bonds 2011B Market Bonds/Series 2009B Program Revenue Bonds -
Aaa/RUR Downgrade
341. Jersey City Medical Center (GNMA Collateralized Taxable Revenue
Bonds) Series 2012 - Aaa/RUR Downgrade
WHAT COULD MAKE THE RATING GO UP
* Conditions for a Aaa rating are met, such as a 103%
minimum over-collateralization.
* Material improvement in cash flow projections which previously illustrated
insufficiencies
WHAT COULD MAKE THE RATING GO DOWN
* A downgrade of a credit enhancement provider such as the US government
(Aaa)
* Aaa-rated bond programs could experience a downgrade if certain
conditions, such as a 103% minimum over-collateralization,
are not met.
* Cash flow projections which demonstrate insufficiencies that are
consistent with a lower bond rating
Principal Methodology
The principal methodology used in this rating was US Stand-Alone
Housing Bond Programs Secured by Credit Enhanced Mortgages published in
December 2012. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.
We review cash flow projections utilizing various assumptions and under
several scenarios in order to project performance and evaluate a bond
program's future strength. Our ratings analysis of insufficiencies
or losses is based on the probability of improved future performance sufficient
to provide for full debt service payments. If corrective performance
to achieve sufficiency is not possible, our analysis and rating
focuses directly on the expected recovery rate. No simulations
were conducted in this rating process.
REGULATORY DISCLOSURES
Moody's did not receive or take into account a third- party
assessment on the due diligence performed regarding the underlying assets
or financial instruments related to the monitoring of this transaction
in the past six months.
For ratings issued on a program, series or category/class of debt,
this announcement provides certain 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 certain 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 certain 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.
The Global Scale Credit Ratings on this press release that are issued
by one of Moody's affiliates outside the EU are endorsed by Moody's
Investors Service Ltd., One Canada Square, Canary Wharf,
London E 14 5FA, UK, in accordance with Art.4 paragraph
3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies.
Further information on the EU endorsement status and on the Moody's
office that has issued a particular Credit Rating is available on www.moodys.com.
Information sources used to prepare the rating are the following:
parties involved in the ratings, public information and confidential
and proprietary Moody's Investors Service 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 the credit ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Please see the ratings disclosure page on www.moodys.com
for general disclosure on potential conflicts of interests.
Please see the ratings disclosure page on www.moodys.com
for information on (A) MCO's major shareholders (above 5%) and
for (B) further information regarding certain affiliations that may exist
between directors of MCO and rated entities as well as (C) the names of
entities that hold ratings from MIS that have also publicly reported to
the SEC an ownership interest in MCO of more than 5%. A
member of the board of directors of this rated entity may also be a member
of the board of directors of a shareholder of Moody's Corporation;
however, Moody's has not independently verified this matter.
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.
Shane Mullin
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Florence Zeman
Associate Managing Director
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Places 341 Ratings Under Review for Downgrade in Conjunction with Publication of US Stand-Alone Housing Bond Programs Secured by Credit Enhanced Mortgages Methodology