You are on page 1of 3

January 13, 2009


AMC East Communities LLC; Military Housing
Primary Credit Analyst: Mikiyon Alexander, New York (1) 212-438-2083; Secondary Credit Analyst: Louis F Louis, New York (1) 212-438-2054;

Table Of Contents
Standard & Poor's. All rights reserved. No reprint or dissemination without S&P's permission. See Terms of Use/Disclaimer on the last page.

696030 | 301281783

Standard & Poor’s RatingsDirect | January 13. the headquarters location for two of the Department of Defense's 10 unified combatant commands. including Air Force One.S.49x and 2. respectively. is operated.Summary: AMC East Communities LLC. which is mitigated by the existence of family housing units on-line during the initial development period. No reprint or dissemination without S&P's permission.220 units that will be conveyed by the Air Force to the project owner at closing. 2 696030 | 301281783 . 2009 Standard & Poor's. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.ratingsdirect. where the U. located in Tampa. the real-time Web-based source for Standard & Poor's credit ratings.. respectively. Air Force. which include Andrews Air Force Base. including a revenue stream derived from the federally appropriated basic allowance for housing (BAH). and the and the high quality of the real estate collateral supporting the bonds. The bonds were issued for the purpose of privatizing family military housing units at two military bases: Andrews AFB.standardandpoors. demonstrated demand for military and multifamily housing at the bases. as evidenced by debt service coverage of 2. resulting in an end-state of 1.S.40x on the class I and class II debt. and MacDill AFB. an affiliate of Clark Realty Capital LLC. and risk analysis. See Terms of Use/Disclaimer on the last and MacDill AFB. at www. under Ratings in the left navigation bar. The ratings reflect: • The very strong quality of the assets supporting the bonds. based on 2008 year-to-date financial statements. Fla. • The project's high degree of financial strength. Military Housing Credit Profile AMC East Comntys LLC class II military hsg (MacDill AFB & Andrews AFB) ser 2007A Unenhanced Rating AA-(SPUR)/Stable Affirmed AMC East Comntys LLC class I military hsg (MacDill AFB & Andrews AFB) ser 2007A Unenhanced Rating Many issues are enhanced by bond insurance. that creates very strong program administration. Md. select Find a Rating. Complete ratings information is available to subscribers of RatingsDirect. research. located in Prince George's County. The bond proceeds will be used for the development of 2. All rights reserved.438 family housing units. and • A joint venture partnership between AMC East LLC. The above strengths are offset by construction risk. Del.'s class I and class II military housing taxable revenue bonds series 2007A. • The high essentiality of the military bases. presidential support fleet. and interest earnings available to pay debt service. AA(SPUR)/Stable Affirmed Rationale Standard & Poor's Ratings Services affirmed its 'AA' and 'AA-' underlying ratings (SPUR) on AMC East Communities LLC.

Inc. hold. Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. or use the data or information other than as provided herein. ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. Users of the information contained herein should not rely on any of it in making any investment decision. its affiliates or their third-party providers and their directors. In no event shall S&P. This information shall not be used for any unlawful or unauthorized purposes. The ratings and credit-related analyses of S&P and its affiliates and the observations contained herein are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. To reprint.standardandpoors. S&P reserves the right to disseminate its opinions and analyses. S&P does not act as a fiduciary or an investment its affiliates or their third-party providers and their directors. nor its 3 696030 | 301281783 . employees or agents be liable to any party for any direct. translate. officers. S&P. legal fees. All rights reserved. 55 Water Street. including ratings. No part of this information may be reproduced or distributed in any form or by any means. Additional information about our ratings fees is available at www. S&P assumes no obligation to update any information following publication. or sell any securities or make any investment decisions. regardless of the cause. compensatory. incidental. S&P. or for the results obtained from the use of such information. exemplary. ratingsdirect. employees or agents are not responsible for any errors or omissions. and may be distributed through other means. or stored in a database or retrieval system. NY 10041. provided herein. www. including via S&P publications and third-party redistributors. (1)212.standardandpoors. All Rights Reserved. and/or their third-party providers have exclusive proprietary rights in the (subscription). contact Client Services. costs. ITS AFFILIATES AND THEIR THIRD-PARTY PROVIDERS DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES. As a (free of charge) and © 2009 by Standard & Poors Financial Services LLC (S&P). Neither S&P. S&P's opinions and analyses do not address the suitability of any security. a subsidiary of The McGraw-Hill Companies. credit-related analyses and data. expenses. its affiliates. While S&P has obtained information from sources it believes to be reliable. shareholders.438. a subsidiary of The McGraw-Hill Companies. Inc. BUT NOT LIMITED TO. S&P's Ratings Services business may receive compensation for its ratings and credit-related analyses. S&P's public ratings and analyses are made available on its Web sites. special or consequential damages. New York. punitive. normally from issuers or underwriters of securities or from obligors. lost income or lost profits and opportunity costs) in connection with any use of the information contained herein even if advised of the possibility of such damages.7280 or by e-mail to: research_request@standardandpoors. certain business units of S&P may have information that is not available to other S&P business units. officers. or losses (including. www. nor their third-party providers guarantee the accuracy. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of each of these activities. without the prior written permission of S&P. shareholders.standardandpoors. Copyright © 1994-2009 by Standard & Poors Financial Services LLC. S&P. completeness. indirect. INCLUDING. without limitation. timeliness or availability of any information.