NEW YORK - Moody's Investors Service said it has downgraded to Ba3 from Baa3 the rating on the Panhandle, Texas, Regional Housing Finance Corporation multi-family housing revenue bonds (Canterbury/Three Fountains/River Falls/Puckett Place Apartments) senior series 2000 A based on the continuing decline in the properties financial performance.
Moody's has also downgraded to B2 from Ba2 the rating on the subordinate series 2000 C bonds and the rating on the junior subordinate series 2000 D to B3 from Ba3.
The senior series 2000 B bonds have matured. The ratings are being downgraded with negative outlooks based on the declining financial performance of the properties that secure the bonds. The bonds are also being put on watch for further downgrade.
