Summary: California Municipal Finance Authority Intercontinental Affordable Housing Inc.; Section 8 Sep 11
- ID: 1927444
- September 2011
- Region: California
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to the California Municipal Finance Authority's series 2011A multifamily housing revenue bonds issued on behalf of Intercontinental Affordable Housing Inc. (IAHI) for the Casa Griffin Apartments project. The outlook is stable. The rating reflects our view of: A first-mortgage lien and a pledge of all project revenues from the property to the bondholders; A pledge of revenue to the bondholders from a Department of Housing and Urban Development (HUD) Section 8 Housing Assistance Payment (HAP) contract through the term of the current contract, which expires Nov. 30, 2013, and the pledge to bondholders of anticipated renewal contracts with HUD under the Multifamily Assisted Housing and Reform Act of 1997 (MAHRA),...
Companies mentioned in this report are:
- Intercontinental Affordable Hsg, Inc
- California Municipal Finance Authority
Action: New Rating
Action: Outlook: Stable
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 >