TITLE

Ailing Apartments

AUTHOR(S)
DeSue, Tedra
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/6/2005, Vol. 351 Issue 32044, p27
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Standard & Poor's Corp. on Monday downwardly revised its outlook to negative from stable on $8.8 million of bonds sold by the South Carolina State Housing Finance and Development Authority for several apartment complexes due to declining debt service coverage. Standard & Poor's analyst Christopher Moriarty said debt service coverage for the bonds' has been declining since the fiscal year ended December 31, 2000. Average gross rental income for fiscal 2003 decreased by 3%, to $520 per unit per month.
ACCESSION #
15635366

 

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