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Summary: San Diego Housing Authority, California; Multifamily FNMA Dec 11
Standard & Poors, December 2011
Standard & Poor's Ratings Services affirmed its 'AA+' rating on San Diego Housing Authority, Calif.'s multifamily housing revenue refunding bonds, series 1996C, issued for the Market Street Square Apartments Project. The outlook is negative. The rating reflects our view of: The very strong quality of the Fannie Mae mortgage-backed security, which we consider to be 'AA+' eligible; Sufficient revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Investments held in a First American Treasury Obligations Class D rated money market fund (AAAm); and An asset-to-liability ratio of 100.40% as of Nov. 25, 2011. Standard & Poor's has analyzed updated financial information based on a zero reinvestment assumption for...
Companies mentioned in this report are: San Diego Hsg Auth
Action: Outlook: Negative
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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.
San Diego Hsg Auth