|
|
 |
|
Viewing report
|
|
|
|
California Housing Finance Agency; Insured Liquidity; Single Family Whole Loan Feb 09
Standard & Poors, Feb 2009
Abstract
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 rating reflects our opinion of: The high credit quality of the single-family mortgage loans and mortgage insurance; and Support of the resolution from California HFA. The outlook change reflects our opinion of the following factors: Some cash flow projections-that encompass our 'AA' stress scenarios with demonstrated shortfalls expected to begin in August 2010; Deteriorating strength of the real estate portfolio, which is experiencing some effects from the California housing market; Increasing counterparty risk, as evidenced by downgrades of swap, liquidity, and guaranteed investment contract (GIC) providers; and Declining asset-to-liability...
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
|
|
|
|
