Bangkok--18 Sep--Standard & Poor's
Standard & Poor's Ratings Services corrected and reinstated its 'AA-' long-term rating on GMAC Commercial Military Housing Trust XIX's series 2005 and 2007A military housing revenue bonds. On July 23, 2009, the rating was incorrectly withdrawn due to inaccurate information that the bonds were no longer outstanding. However, the bonds remain outstanding and are guaranteed by a bond insurance policy from National Public Finance Guarantee Corp. (National; 'A/Developing').
The bonds have an underlying rating (SPUR) of 'AA-/Stable'. The long-term rating of 'AA-' reflects our criteria that the issue credit rating on a fully credit-enhanced bond is the higher of the rating on the credit enhancer and the SPUR.
We are also correcting the rating history on the bonds to reflect several rating actions on MBIA, National's predecessor, between Aug. 14, 2008, and July 23, 2009.
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Mikiyon Alexander, New York (1) 212-438-2083
Raymond Kim, New York (1) 212-438-2005