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California Statewide Communities Development Authority Certificates Series 1995 (Covenant) 'A+/A-1' Rating Affirmed Dec 11
Standard & Poors, Dec 2011
Abstract
NEW YORK (Standard & Poor's) Dec. 14, 2011--Standard & Poor's Ratings Services today affirmed its 'A+/A-1' rating on California Statewide Communities Development Authority's (the issuer's) certificates of participation series 1995 (Covenant Retirement Communities West) due Dec. 1, 2025, following the replacement of the letter of credit (LOC) that Bank of America N.A. ('A/A-1') had provided with a new LOC from JPMorgan Chase Bank N.A. ('A+/A-1'). The 'A+/A-1' rating reflects our opinion of the credit and liquidity support that JPMorgan Chase Bank N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, JPMorgan Chase Bank N.A. fully supports all certificate payment obligations when the certificates are in the weekly and one-month interest rate modes. Therefore, our rating applies...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Affirmed
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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