Moody's Negative on Indianapolis Housing Debt

Carvlin, Elizabeth
June 2003
Bond Buyer;6/2/2003, Vol. 344 Issue 31647, p40
Trade Publication
This article reports that the ratings agency Moody's Investors Service Inc. placed $22.8 million of multifamily revenue bonds issued through Indianapolis for the Lake Nora and Fox Club apartments on its watch list for a possible downgrade in the first week of June 2003, citing the difficulty in filling unit vacancies. The bonds carry insurance from MBIA Insurance Corp. The city also issued $6.9 million of subordinate bonds in 1999 for the same project, but Moody's did not rate those bonds, according to a Moody's news release. Lake Nora had a vacancy rate of about 27% as of March 31, Moody's analysts wrote in the release.


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