Moody's drops Harris County, Texas, mortgage bonds to A1

Moody's Investors Service said it downgraded the rating on single-family mortgage revenue bonds issued by Harris County Housing Finance Corp., Texas, series 1984, to A1 from Aaa. The amount of debt affected is about $713,000. The outlook has been revised to negative from stable.

The downgrade is based on the corporation's declining financial position as decreased revenue from its loan portfolio and investments has not kept up with interest on the bonds, Moody's said. The program currently consists of 19 loans with a total principal amount outstanding of $531,506. Of this, $32,090, or 6.04%, of the loan portfolio was classified as being delinquent.

The bonds are scheduled to mature on Oct. 15, 2015.

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