Rating Action: Moody's confirms Aaa on Orange County Housing Finance Authority's (FL) Multi-Family Housing Revenue Bonds (Palm Grove Gardens), Series 2002; removes from review
Global Credit Research - 24 Apr 2015
Approximately $2.56M of outstanding debt affected
New York, April 24, 2015 -- Moody's Investors Service, ("Moody's") has confirmed the Aaa rating on Orange County Housing Finance Authority's (FL) Multi-Family Housing Revenue Bonds (Palm Grove Gardens), Series 2002. $2,560,000 of outstanding debt is affected.
This rating action concludes the review for downgrade initiated on February 5, 2015 and removes the bonds from review for downgrade.
SUMMARY RATING RATIONALE
The rating confirmation at Aaa is based on cash flow projections that demonstrate sufficiency through bond maturity. The cash flow projections are based on further clarification provided by the Trustee regarding fees and the flow of funds.
The rating reflects the high quality of the credit-enhanced mortgage provided by Fannie Mae, a strong legal structure, and oversight from an actively managed housing finance authority.
What Could Change the Rating Up
n/a
What Could Change the Rating Down
- Projected revenue insufficiency under a 0% reinvestment rate assumption
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.
REGULATORY DISCLOSURES
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.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
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.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
Thomas Song
Analyst
Public 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
Ping Hsieh
Vice President - Senior Analyst
Public 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
