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California Hsg Fin Agy's Mortgage Revenue Bond Outlook Revised To Negative On Deteriorating Real Estate Market Feb 09
Standard & Poors, Feb 2009
Abstract
SAN FRANCISCO (Standard & Poor's) Feb. 27, 2009-- Standard & Poor's Ratings Services revised its outlook to negative from positive and affirmed its 'AA-' long-term rating on California Housing Finance Agency's (CalHFA) home mortgage revenue bond (HMRB) resolution. 'The negative outlook reflects our opinion of the deteriorating strength of the real estate portfolio, which is experiencing some effects from the California housing market, as well as some cash flow projections indicating demonstrated shortfalls in August 2010,' said Standard & Poor's credit analyst Larry Witte. 'Further pressuring the rating in our view is the reliance on CalHFA to support the resolution from its general fund. Should the issuer's capital adequacy experience additional stress for other needs of CalHFA, the rating could...
Companies mentioned in this report are: California Hsg Fin Agy
Action: Affirmed
Action: Outlook: Negative
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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