S&P: Fort Carson Family Housing LLC, CO 'AA' 1999 Class I Bond Rating Removed From CreditWatch

S&P Global Ratings removed from CreditWatch its ratings on Fort Carson Family Housing LLC, Colo.'s series 1999 class I taxable military housing revenue bonds, where they were placed with negative implications on Dec. 20, 2017. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the class I bonds.

The CreditWatch placement reflected our withdrawal of our ratings on MBIA Inc. at the company's request. Following the withdrawal, we re-evaluated the bonds because the project holds debt service reserve funds in the form a surety policy with National Public Finance Guarantee Corp., an MBIA subsidiary.

"The review affirmed the project's financial strength and that its other strong credit qualities are commensurate with our rating on the bonds and supports the removal of the CreditWatch," said S&P Global Ratings credit analyst Ki-Beom Park.

"The stable outlook reflects our opinion of the project's strong asset quality, depth and experience of management, and highly essential bases it serves," he added. These strengths, in our view, will help to offset the project's weaknesses and aid in keeping its operating and financial performance in line with the current ratings.
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