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ALASKA HOUSING FINANCE CORP.: STANDARD & POOR'S AFFIRMS AHFC BOND RATINGS AFTER MERGER BILL PASSES

ALASKA HOUSING FINANCE CORP.: STANDARD & POOR'S AFFIRMS AHFC BOND
 RATINGS AFTER MERGER BILL PASSES
 ANCHORAGE, Alaska, June 29 /PRNewswire/ -- Standard & Poor's (S&P) rating agency today affirmed the "A+" rating of general obligation debt of the Alaska Housing Finance Corp. (AHFC) following passage of state legislation which merges two state housing departments into the corporation, AHFC announced.
 Last Thursday, Gov. Walter J. Hickel signed into law a bill which consolidates within AHFC the Alaska State Housing Authority (ASHA) and the housing functions of the Alaska Department of Community & Regional Affairs (DCRA). The consolidation is effective July 1. ASHA will become the Division of Public Housing and the housing functions of DCRA will become the Division of Rural Development. Provisions of the bill also authorize AHFC's purchase of the rural housing loan portfolio of DCRA for approximately $162 million.
 S&P affirmed its "A+" long-term rating on $15.125 million of general obligation debt and the "A-1" short-term rating on AHFC's Eurocommercial Paper Program.
 "Based on the asset quality of ASHA and DCRA's portfolio, S&P determined that AHFC's capital base will not be harmed by the proposed merger and asset sale," S&P said in Credit Comments issued today.
 "The AHFC's relationship with the state remains strong, and the merger is viewed as mutually beneficial to AHFC and the state of Alaska," S&P said.
 -0- 6/29/92
 /CONTACT: Margaret Nelson of the Alaska Housing Finance Corp., 907-564-9321/ CO: Alaska Housing Finance Corp.; Standard & Poor's ST: Alaska IN: FIN SU: RTG


SC-JH -- SE018 -- 4954 06/29/92 18:19 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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