Summary: California Statewide Communities Development Authority; Escrow; Fannie Mae Direct Pay Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to California Statewide Communities Development Authority's series 2009A-20 affordable multifamily housing revenue bonds, issued on behalf of Dolores Lia Apartments, based on the delivery of a stand-by irrevocable transferable credit enhancement instrument provided by Fannie Mae, which is 'AA+' eligible based on its relationship with the federal government. At the same time, Standard & Poor's affirmed its 'AA+' long-term rating on the authority's multifamily housing revenue bonds series 2009. The outlook is negative. The rating reflects the sovereign rating on the U.S. (AA+/Negative). Should the sovereign rating on the U.S. be upgraded to 'AAA' and the bond program meet all criteria commensurate with an 'AAA' rating, the rating on the...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Negative

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.

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.

- California Statewide Communities Dev Auth

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