Bangkok--3 Mar--Standard & Poor's
Standard & Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'BBB-' long-term rating on the Oregon Facilities Authority's (OFA) series 2002A bonds, issued on behalf of Housing Northwest Inc. (HNW, formerly College Housing Northwest).
"The revised outlook reflects the non-recourse nature of the bonds, solid operations of the 2002A housing projects, and positive debt service coverage," said Standard & Poor's credit analyst Carlotta Mills. "Further supporting the rating is the improved operations of the project and good connectivity with Portland State University, which continues to refer students to HNW's off-campus facilities."
Proceeds from the series 2002A revenue refunding bonds were used to refund OFA's series 1998A bonds, which in turn were used to construct and renovate residence halls that are a part of this security. Proceeds were also used to acquire a two-building north campus facility and refinance conventional loans for two other student housing facilities.
The 2002A bonds are non-recourse and are solely secured by rental payments from four of HNW's off-campus student housing facilities, which comprise 450 units in six buildings. HNW operates other student housing facilities in the region and at several different university campuses.
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Carlotta R Mills, San Francisco (1) 415-371-5020
Jessica Matsumori, San Francisco (1) 415-371-5083