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January 13, 2009

Summary:

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

Table Of Contents
Rationale

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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 U.com. 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 page.com. 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.

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