S&P Drops Texas Housing Bonds Below Investment Grade

Albanese, Elizabeth
December 2002
Bond Buyer;12/26/2002, Vol. 342 Issue 31540, p3
Trade Publication
Reports that U.S.-based ratings company Standard & Poor's Corp. lowered the rating to below investment grade for defaulted multi-family housing revenue bonds issued in 1996 by the Texas Department of Housing and Community Affairs. Reasons for the downgrading of these bonds; Amount of bonds issued by the department; Decline in the debt service level required under the bond covenant.


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