NEW YORK - Moody's Investors Service said it placed the Aaa rating of District of Columbia Housing Finance Agency multifamily housing revenue bonds (Chapin Street Apartments Project) Series 2002 C (FHA-Insured) under review for downgrade following a review of projected cash flows for the life of the bonds. This rating action affects approximately $1,160,000 of outstanding debt.
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The review is based on the expectation that if investment earnings continue to be at the current low level, the asset-to-debt ratio could fall below 100% beginning in approximately 8 years. Over the review period, Moody's will assess the borrower's decision to address the cash flow insufficiencies, and take appropriate rating action as necessary.
