WASHINGTON - The military housing sector remained strong last year despite the financial market collapse, economic recession and worsening housing crisis, Standard & Poor's said in a research report released late Tuesday.

Though the sector performed well, it saw a substantial decline in issuance and rated volume last year, in part because of the financial crisis, the report said. In addition, it said the number of transactions in the pipeline diminished because the vast majority of U.S.-based military housing has already been privatized.

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