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California Housing Finance Agency; Housing, Single Family Whole Loan; Public Finance Structured, Insured Liquidity; Public Finance Structured, Liquidity Facility Nov 05
Standard & Poors, Nov 2005
Abstract
The 'AA-' rating on California Housing Finance Agency's (Cal HFA) home mortgage revenue bonds (HMRB) reflects: The high credit quality and continued strength and performance of the single-family mortgage loans, High-quality investments, Adequacy of reserves and resiliency of consolidated cash flow projections, and Cal HFA's pledge of its general obligation for credit and liquidity shortfalls of the indenture. The HMRB resolution is Cal HFA's primary financing vehicle for single-family mortgage programs for low- and moderate-income state residents. The portfolio of about 27,000 mortgage loans is performing well, compared to similar mortgages in the state, as a result of strong programmatic oversight by Cal HFA management and a broad-based California economy. The stable outlook for the long-term ratings on 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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