Summary: California Hsg Fin Agy; Housing, Single Family Whole Loan; Public Finance Structured, Insured Liquidity May 01

Standard & Poors, May 2001

Abstract
The long-term ratings on California Housing Finance Agency's (CHFA) home mortgage revenue bonds (HMRB), series 2001 H, I, J, and K bonds due after 2010, reflects bond insurance provided by FSA ('AAA'). The 'A-1+' short-term rating on series 2001J bonds reflects a standby bond purchase agreement (SBPA) for the purchase price of tenders provided Lloyds TSB Bank, PLC ('AA/A-1+'). The 'SP-1+' rating on the 2001 series I bonds reflects the sufficiency of the principal investment to pay scheduled debt service. The 'AA-' underlying ratings (SPURs) on long-term HMRB reflects: Continued strength and performance of the single-family mortgage loans backing the bonds; Coverage of potential credit and liquidity shortfalls sufficient to support the rating; High-quality investments; Resiliency of consolidated cash flow...

Companies mentioned in this report are: California Hsg Fin Agy
Action: New Rating

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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.

California Hsg Fin Agy

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