Summary: Orange County, California; FNMA Collateral Agreement Sep 11
- ID: 1927646
- September 2011
- Region: California
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'AA+/A-1+' rating on Orange County, Calif.'s variable-rate multifamily housing revenue bonds (WLCO LF Partners), series 1998 issue II. The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The 'AA+' rating reflects the likelihood bondholders will receive payments of debt service. The 'A-1+' rating reflects the likelihood of payment for ongoing optional and mandatory tenders. The outlook is negative. Other rating factors are: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The high credit quality of the Fannie Mae collateral agreement, which is considered to be 'AA+' eligible; Extremely strong...
Companies mentioned in this report are: Orange Cnty
Action: Outlook: Negative
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 >