PRPHAPuerto Rico Public Housing Administration
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FAILURE TO MAKE ANNUAL CAPITAL FUND SUBMISSION: Although remote, the inability of PRPHA to submit capital plans to HUD in a timely manner would put negative pressure on the rating and could result in a downgrade.
The affirmation reflects the use restrictions on HUD capital fund appropriations, the bond structure which allows payments to flow to the trustee on a first priority basis, the provisions of the bond legal documents, and the annual contributions contract between PRPHA and HUD.
In FY 2018, PRPHA's Fitch stressed DSC increased to 1.90x which is consistent with its 'A' rating.