Fitch rates Vermont Housing Finance Agency’s $30 million 2010A & 2009A-1 Bonds ‘AAA’

first_imgFitch Ratings has assigned ‘AAA’ ratings to the $30,000,000 Vermont Housing Finance Agency (VHFA) mortgage revenue bonds (Mortgage Backed Securities Program) as follows:–$12,000,000 series 2010A;–$18,000,000 subseries 2009A-1.The Rating Outlook for the bonds is Stable.RATING RATIONALE:–The $18 million 2009A-1 subseries is the first release from the $102 million 2009 A escrow bonds from the December 1, 2009 indenture. The bond proceeds were initially held in an escrow account and secured solely by amounts on deposit in the escrow account and investment earnings from the account;–The $12 million 2010A bonds will be the second offering issued under the December 1, 2009 indenture. The 2010A mortgage revenue bonds are being issued under a mortgage backed securities program that pledges revenues and federal agency certificates as security for the bonds.KEY RATING DRIVERS:Removal of funds from the program below minimum 100% asset parity.SECURITY:Proceeds will be used for the financing of single family mortgage loans in the State of Vermont through the purchase of GNMA Certificates, Fannie Mae Certificates, and Freddie Mac Certificates (collectively Federal Agency Certificates), as well as to make deposits in various funds and accounts. The Trust Indenture pledges revenues of the Indenture, Federal Agency Certificates deposited in the Indenture, and funds and accounts created in the Indenture to secure the bonds (other than the escrow fund where deposits are secured solely for the payment of bonds related to the proceeds in the escrow account).CREDIT SUMMARY:The ‘AAA’ rating reflects the legal document provisions for the single family mortgage program upon the purchase of Federal Agency Certificates. The Trust Indenture requires that, once funds are released from escrow, mortgage loans be pooled and financed through the purchase of guaranteed mortgage pass-through Federal Agency Certificates, which are fully guaranteed for timely payment regardless of the actual performance of underlying loans. GNMA mortgage-backed securities are guaranteed by the U.S. government; Fitch rates Fannie Mae and Freddie Mac mortgage-backed securities ‘AAA’ (see Oct. 9, 2009 press release). The rating also reflects the Trust Indenture requirement that the program’s minimum asset parity be maintained at 100% (net of cash flow stress test scenarios). In addition, the rating accounts for VHFA’s successful history of administering its single family programs. Fitch reviewed the bond documents, stressed cash flow runs, and other pertinent documentation.The 2009 Trust Indenture was created, in part, so that VHFA could take advantage of the New Issue Bond Program (NIBP) established by the United States Treasury with the assistance of Fannie Mae and Freddie Mac. Under the terms of the program, Treasury purchased up to 60% of the Program Bonds sold by state and local housing finance agencies with the remaining 40% to be sold to private investors as Market Bonds. The interest rate for bonds sold to Treasury will be based on the investment earnings of the escrow fund for the pre-conversion period, and for the remainder of the period, will be based on the 10-year Constant Maturity Treasury (CMT) plus a defined spread based on rating category of bond program.Because Treasury’s authority to complete these transactions under the Housing Economic Recovery Act of 2008 was due to expire on Dec. 31, 2009, all NIBP related transactions were to be completed prior to year end. However, the expiration date was extended for one more year and the program now allows issuers to close prior to the Dec. 31, 2011 deadline. The funds remain in escrow until they are converted to long-term bonds, in conjunction with the sale of Market Bonds, over the course of 2010 and 2011. The funds may be held in escrow up until Dec. 31, 2011 and can be drawn upon and converted to long-term bonds during 2010 and 2011.Additional information is available at ‘www.fitchratings.com(link is external)’Applicable criteria and related research:–‘State Housing Finance Agencies – Single Family Mortgage Program Rating Guidelines (Nov. 26, 2008);–‘Revenue-Supported Rating Criteria’ (Aug. 16, 2010).Applicable Criteria and Related Research:State Housing Finance Agencies – Single-Family Mortgage Program Rating Guidelineshttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=4(link is external)…Revenue-Supported Rating Criteriahttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=5(link is external)…ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. Source: NEW YORK–(BUSINESS WIRE)–Fitch Ratings. 10.1.2010last_img read more

Belichick: Playing multiple QBs an option this season

first_imgLast Updated: 20th August, 2020 08:58 IST Belichick: Playing Multiple QBs An Option This Season Bill Belichick said he’s open to using a two-quarterback system this season, another example of how radically different the New England Patriots could look after Tom Brady’s departure WATCH US LIVE Associated Press Television News COMMENT Bill Belichick said he’s open to using a two-quarterback system this season, another example of how radically different the New England Patriots could look after Tom Brady’s departure.Belichick was asked about platooning his quarterbacks before Wednesday’s practice. The longtime coach acknowledged he was considering the possibility, and the Patriots later used all three of their QBs during a single scrimmage series.“I always say I’ll do what I think is best for the team, what gives us the best chance to win,” Belichick said about the prospect of rotating quarterbacks. “Whatever that is, I would certainly consider that.”The three quarterbacks competing to be Brady’s successor — Cam Newton, Jarrett Stidham and Brian Hoyer — have different, and perhaps complementary, skill sets.At 6-foot-5 and 245 pounds, Newton possesses size, athleticism and running ability along with an arm that accounted for 35 touchdown passes during his 2015 MVP season.Hoyer has the most experience in the Patriots’ offense. He’s back for this third stint in New England after twice serving as Brady’s backup.Stidham has youth and potential, having beaten out Hoyer as a rookie last season to be Brady’s No. 2. His quick grasp of offensive coordinator Josh McDaniels’ system is exciting to the coaching staff.Playing to Brady’s strengths, the Patriots lined up with one running back, one tight end and three receivers — known as the 11 personnel grouping — more than 50% of the time last season.Belichick said using multiple quarterbacks could lend itself to different formations.“If it’s run an unbalanced line or double-unbalanced line or 23 personnel (two RBs, three tight ends) or whatever it is,” he said. “If it helps us win, then I would consider anything.”Assuming he’s fully recovered from offseason foot surgery, Newton’s mobility is something McDaniels said would be a new tool for him.“It’s certainly not something I’m accustomed to using a great deal but you use whatever the strengths of your players that are on the field allow you to use, to try to move the ball and score points,” he said.McDaniels likened it to the different body types and skills of the Patriots’ receivers and tight ends over the years, from bigger targets like Randy Moss and Rob Gronkowski to smaller ones such as Wes Welker and Danny Amendola.“Regardless of what the position is, I think you try to use their strengths to allow them to make good plays,” McDaniels said.While rotating QBs might seem like a difficult adjustment for the rest of the offense, running back James White said it’s in keeping with how New England has approached things during his six seasons.“I think coach McDaniels does a great job of being creative and dialing up new things to the strength of the players that he has,” White said. “It doesn’t matter what year it is, we always add new things to the offense and try to help us do our best out there and try to perform the best each and every week.“Sometimes it can be for a certain opponent or for a certain player on our offense. … He’s a creative mind and each year we’re going to add new things that’s going to help us succeed.”Image credits: AP FOLLOW UScenter_img First Published: 20th August, 2020 08:58 IST SUBSCRIBE TO US LIVE TV Written Bylast_img read more