S&P cuts rating to CCC on Mississippi housing agency debt

Mon Nov 12, 2012 2:04pm EST

Nov 12 (Reuters) - Standard & Poor's Ratings Services on Monday reduced its long-term rating to CCC from B on multifamily housing revenue bonds issued in 2008 by the Mississippi Home Corp for the Senatobia Personal Care Apartments Project.

"The rating action reflects our view that revenues from mortgage debt service payments and investment earnings are insufficient to pay full and timely debt service on the bonds and fees until maturity," said S&P credit analyst Jose Cruz said in a news release.

The outlook is negative, the Wall Street credit agency said.

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