Summary: Vallejo Housing Authority, California; FNMA Collateral Agreement May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' rating on Vallejo Housing Authority, Calif.'s (Fountain Hills Plaza) variable-rate demand bonds series 1992A. The outlook is negative. The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The 'AAA' long-term component of the rating reflects our opinion of the likelihood bondholders will receive payments of debt service. The 'A-1+' short-term component of the rating reflects our opinion of the likelihood of payment for ongoing optional and mandatory tenders. Other rating factors include our opinion of: The extremely high credit quality of the Fannie Mae collateral agreement, which we consider to be 'AAA' eligible; The sufficiency of revenues from mortgage debt service payments and investment...

Companies mentioned in this report are: Vallejo Hsg Auth
Action: Affirmed
Action: Outlook: Negative

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Vallejo Hsg Auth

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