Summary: California Statewide Communities Development Authority Market Park Partners LP; Freddie Mac Direct Pay Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA+/A-1+' rating, with a negative outlook, to California Statewide Communities Development Authority's (Market Park Partners LP) affordable multifamily housing revenue bonds series 2009A-18, issued on behalf of Market Park Apartments, a multifamily rental housing development located in Inglewood, Calif. The rating is based on the delivery of a direct-pay credit enhancement agreement provided by Freddie Mac (AA+/A-1+). The rating also reflects the sovereign rating on the United States (AA+/Negative). Should the sovereign rating on the United States be upgraded to 'AAA' and the bond program meet all criteria commensurate with an 'AAA' rating, the rating on the bonds will be upgraded. The outlook is negative. The series 2009A-18 bonds are a subset of...

Companies mentioned in this report are:
- Market Park Partners, LP
- California Statewide Communities Dev Auth

Action: New Rating

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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.

- Market Park Partners, LP
- California Statewide Communities Dev Auth

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