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California Housing Finance Agency; General Obligation
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services removed the California Housing Finance Authority (CalHFA) issuer credit rating (ICR) from CreditWatch, where it been placed with negative implications on Feb. 8, 2011. Standard & Poor's also lowered its ICR to 'A-' from 'A' on CalHFA., Standard & Poor's also lowered its long-term rating and underlying rating (SPUR) to 'A-' from 'A' on CalHFA's general obligation (GO) debt. The outlook on all ratings is negative. The rating actions reflect our opinion of: A significant decline in CalHFA's profitability and unrestricted fund balance due to two years of large operating losses, which has reduced the agency's financial strength and flexibility; Private mortgage insurance with speculative-grade ratings on more than 40% of loans in CalHFA's main...
Companies mentioned in this report are: California Hsg Fin Agy
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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