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California Housing Finance Agency; Single Family Whole Loan Nov 09
Standard & Poors, Nov 2009
Abstract
Standard & Poor's Ratings Services affirmed its 'AA-' long-term rating and underlying rating (SPUR) on all of California Housing Finance Agency's (CalHFA) home mortgage revenue bonds (HMRBs). The ratings remain on CreditWatch with negative implications. The continued placement on negative CreditWatch of the long-term ratings on CalHFA's HMRBs is based on the placement of the ratings of the California Housing Loan Insurance Fund (CaHLIF; 'BBB') on CreditWatch with negative implications, as well as our assessment of the limited reliance on CalHFA's general fund to support the bonds. On Oct. 27, 2009, Standard & Poor's placed its counterparty credit and financial strength ratings on CaHLIF on CreditWatch with negative implications. CaHLIF insures approximately 42% of CalHFA's mortgage loans under the HMRB...
Companies mentioned in this report are: California Hsg Fin Agy
Action: Affirmed
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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