Standard & Poor's Ratings Services assigned its 'AAA' rating to Washington State Housing Finance Commission's (Lake City Way Apartments Project) multifamily housing revenue bonds series 2009. The rating reflects the delivery of a Freddie Mac direct-pay credit enhancement agreement. Freddie Mac is 'AAA' eligible based on its relationship with the federal government. The credit enhancement agreement will provide credit coverage of principal and interest due on the bonds, and liquidity coverage in the event of a failed remarketing of the bonds. The credit facility will be sized at 205 days until the first interest payment date of July 1, 2010; it will then be reduced to 189 days' interest calculated at the maximum rate of the bonds. The bonds will...
Companies mentioned in this report are: Washington St Hsg Fin Comm,Washington State Housing Finance Commission
Action: New Rating
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.
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.
SHOW LESS READ MORE >