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Summary: Orange County, California; FNMA Collateral Agreement Sep 11

  • ID: 1927646
  • September 2011
  • Region: California
  • Standard & Poors

Abstract
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: Affirmed
Action: Outlook: Negative

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Orange Cnty

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