08.11.2012 16:03
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Montgomery Cnty. Hsg. Opportunities Comm., MD -- Moody's assigns Aaa rating to Housing Opportunities Commission of Montgomery County (Montgomery County, MD), Multifamily Housing Development Bonds,...

Rating affects approximately $35.145M of Series D (Non-AMT) bonds; outlook is negative

New York, November 08, 2012 --

Moody's Rating

Issue: Multifamily Housing Development Bonds 2012 Series D; Rating: Aaa; Sale Amount: $35,145,000; Expected Sale Date: 11/09/2012; Rating Description: Mortgage: Multi-Family: FHA

Opinion

Moody's Investors Service has assigned a Aaa rating to approximately $35.145 million of Housing Opportunities Commission of Montgomery County (Montgomery County, MD), Multifamily Housing Development Bonds, 2012 Series D (Non-AMT). Moody's maintains the long-term Aaa rating on approximately $282.87 million of outstanding parity debt issued under the Commission's 1996 multifamily indenture. The rating outlook is negative due to the linkages between the loan composition of the indenture and the United States government.

RATINGS RATIONALE

The Aaa rating for the bonds reflects exceptionally high quality security as a result of loans with strong mortgage insurance provisions provided by the Federal Housing Administration (FHA) under Section 542 (c) of the National Housing Act, loans securitized by GNMA into mortgage backed securities and loans credit enhanced by Fannie Mae. The Aaa rating is further enhanced by the program's sound legal provisions, as evidenced by the trust indenture's provisions, and satisfactory financial condition as reflected in a program asset to debt ratio of 1.047, solid portfolio composition and favorable portfolio performance with no delinquencies or foreclosures. Moody's maintains the long term Aaa rating on approximately $282.87 million of outstanding parity debt.

STRENGTHS

-Strong mortgage insurance provisions provided by FHA and sound legal structure of the Risk Sharing Program

-Satisfactory portfolio composition and favorable portfolio performance

CHALLENGES

-While approximately 25% of the currently outstanding debt is in variable rate mode, 93% of which is hedged with an interest rate swap, swaps are not a perfect hedge as each variable rate issue is still subject to elements of basis, certain tax, amortization, counterparty and termination risk.

Outlook

The outlook on this bond program is negative, given the linkage between the FHA mortgage insurance and the rating of the US government.

What could change the rating-UP

-Not applicable

What could change the rating--DOWN

-Changes to legal structure of the trust indenture to permit the origination of loans that are uninsured or insured by lower-rated private mortgage insurers

-Change in rating of the US government

-Deterioration of the program's financial position

RATING METHODOLOGY

The principal methodology used in this rating was Moody's Anticipates Higher Bond Volume Associated With HUD's Risk-Sharing Program as a Result of Recent Congressional Actions published in May 2001. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings and public information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Dmitriy Plit Analyst Public Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Florence E Zeman Associate Managing Director Public Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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