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'AAA' Rating Assigned To California Statewide Communities Development Authority's 2009A-16 Bonds, Rating On CW Negative Jul 11
Standard & Poors, July 2011
Abstract
SAN FRANCISCO (Standard & Poor's) July 18, 2011-- Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to California Statewide Communities Development Authority's series 2009A-16 affordable multifamily housing revenue bonds issued on behalf of Amanda Parks Apartments, and placed the rating on CreditWatch with negative implications based on the delivery of a stand-by irrevocable transferable credit enhancement instrument provided by Fannie Mae, which is 'AAA' eligible based on its relationship with the federal government. At the same time, Standard & Poor's placed its 'AAA' rating on the authority's series 2009A affordable multifamily housing revenue bonds on CreditWatch with negative implications. 'The CreditWatch status reflects our recent ratings action on the United States ,' said Standard & Poor's credit analyst...
Companies mentioned in this report are: California Statewide Communities Dev Auth,Fannie Mae,United States of America (Unsolicited Ratings)
Action: Affirmed
Action: New Rating
Action: On CreditWatch: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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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