LOC-Supported Bond Ratings Confirmed Due To Extended LOC Expiration Dates (April 8, 2013-April 12, 2013) Apr 13
- Language: English
- Published: April 2013
The AAA/A-1+ rating on Housing Credit Fund LLC, Okla.'s multifamily housing revenue bonds (Village at Oakwood) series 2007, relating to Oklahoma County Finance Authority, reflects credit enhancement in the form of a fronting LOC provided by ARVEST Bank (NR) and a confirming LOC provided by Federal Home Loan Bank of Dallas (AAA/A-1+). The LOC provides sufficient coverage on the custodial receipts for principal, interest, and the redemptions outlined in the custody agreement. The LOC will terminate on June 15, 2009, but is subject to automatic one-year extensions at the option of the LOC provider. If the LOC is not extended, then the depositor shall obtain an alternate LOC, which requires rating confirmation. If an alternate LOC is not obtained, then...
Companies mentioned in this report are: Oklahoma Cnty Fin Auth
Action: New Rating
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Oklahoma Cnty Fin Auth