MOODY'S AFFIRMS Aa3 RATING TO PUERTO RICO HOUSING FINANCE AUTHORITY CAPITAL FUND PROGRAM BONDS (PUERTO RICO PUBLIC HOUSING ADMINISTRATION PROJECTS) SERIES 2003

Posted on: April 20, 2010, 9:45 am

NEW YORK, Apr 20, 2010 -- Moody's Investors Service has affirmed the Aa3 rating with stable rating outlook to the Puerto Rico Housing Finance Authority Capital Fund Program Bonds (Puerto Rico Public Housing Administration Projects) Series 2003 in connection with our ongoing review of this transaction. The rating affirmation reflects the satisfactory debt service coverage for these 21-year bonds despite the decline in federal funding to the Authority in FY2009. Our rating is based on the strong legal provisions for this transaction, the likelihood that Congressional appropriation and corresponding allocation by the U. S. Department of Housing and Urban Development (HUD) to the Puerto Rico Public Housing Administration on an annual basis will not fall below the level needed to pay debt service, and the HUD Approval Letter which states that administrative sanctions related to the Administration's performance will not affect the debt service on the bonds...

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