Summary: Nevada Housing Division; Fannie Mae Direct Pay; Letter of Credit Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+/A-1+' rating on Nevada Housing Division's series 2007 variable-rate demand multi-unit housing revenue (Vintage at Laughlin Apartments and Vista Creek Apartments) bonds. The rating reflects our view of the substitution of a confirming letter of credit (LOC) from the Federal Home Loan Bank of San Francisco (AA+/Negative/A-1+), supporting a direct-pay LOC from East West Bank (NR), for a direct-pay credit facility from Fannie Mae (AA+/Negative/A-1+) on Dec. 29, 2011. Standard & Poor's also revised the outlook to not meaningful from negative. The LOC and confirming LOCs are sized at principal plus 39 days' interest calculated at the maximum rate of 12% on the bonds. The bonds will initially bear interest at a weekly...

Companies mentioned in this report are: Nevada Hsg Div
Action: Affirmed

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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.

Nevada Hsg Div

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