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Duarte, CA Series 1997A Bonds Rating Lowered To 'BB' Oct 11

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Abstract
NEW YORK (Standard & Poor's) Oct. 6, 2011--Standard & Poor's Ratings Services lowered its long-term rating on Duarte, Calif.'s (Heritage Park Apartments) Fannie Mae collateralized multifamily housing revenue bonds series 1997A to 'BB' from 'BB+'. "The downgrade is based on our view of the project's reliance on short-term market rate investments, falling parity, and insufficient funds to cover reinvestment risk based on the 30-day minimum notice period in the event of prepayment by 2017," said Standard & Poor's credit analyst Stephanie Wang. The rating also reflects our view of the sufficient revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity. Credit strengths for this issue include our opinion...

Companies mentioned in this report are: Duarte
Action: Downgraded

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.

Companies Mentioned

Duarte

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Duarte, CA Series 1997A Bonds Rating Lowered To 'BB' Oct 11

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