Summary: California Municipal Finance Authority Gideon Hausner Jewish Day School; Letter of Credit Sep 08
- ID: 1953044
- September 2008
- Region: California
- Standard & Poors
The 'AA+/A-1+' rating on California Municipal Finance Authority's variable-rate demand revenue bonds (Gideon Hausner Jewish Day School) series 2008 reflects the very strong credit and liquidity enhancement of the bonds through an unconditional and irrevocable direct-pay credit facility provided by U.S. Bank N.A. The credit facility is sized at principal plus 34 days' interest calculated at the maximum rate of 12% on the bonds. The bonds will initially bear interest at a weekly rate, but can be converted to a term rate or fixed rate. If the bonds convert to the term rate or the fixed rate, the credit facility must cover the number of days of interest required to maintain the rating on the bonds. A mandatory tender will...
Companies mentioned in this report are:
- California Municipal Finance Authority
Action: New Rating
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