S&P Eyeing Ohio HFA Rev Bonds

Standard & Poor's Ratings Services has placed its underlying rating on the Ohio Housing Finance Agency's series 2007A capital fund revenue bonds on CreditWatch with negative implications.The action was attributed to a debt service reserve fund that is invested in a repurchase agreement with Depfa Bank PLC. (S&P lowered its rating on Depfa from AA-/A-1-plus to A+/A-1 on July 23, the rating agency said.) OHFA is examining options under the terms of its repurchase agreement for maintaining the current rating. S&P said the options include assigning the repo agreement to an eligible provider or terminating the repurchase agreement. The rating agency can be found online at http://www.standardandpoors.com.