Summary: California Statewide Communities Development Authority; Affordable Housing Oct 09

Standard & Poors, October 2009

Abstract
Standard & Poor's Ratings Services lowered its ratings on California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Quail Ridge Apartments Project) series 2002E-1 and 2003E-3 to 'BBB' from 'BBB+' and to 'BB+' from 'BBB-', respectively. At the same time, Standard & Poor's revised the outlook on both ratings to negative from stable. The ratings reflect our view of the authority's following weaknesses: Declining debt service coverage in 2009, based on unaudited financial statements; and Low occupancy levels at the project. However, the ratings also exhibit what we consider to be the authority's following strengths: Stable debt service coverage levels of 1.34x and 1.21x maximum annual debt service (MADS) on senior and subordinate bonds, respectively, based on 2008 financial...

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

Action: Downgraded
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.

- California Statewide Communities Dev Auth

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