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California Statewide Communities Development Authority's Ser 2002E-1, E-3 Rtgs Lowered To 'BBB' And 'BB'; Otlks Negative Oct 09
Standard & Poors, Oct 2009
Abstract
NEW YORK (Standard & Poor's) Oct. 9, 2009--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 weaknesses, including its declining debt service coverage in 2009, based on unaudited financial statements; and low occupancy levels. However, the ratings also exhibit what we consider to be the authority's strengths, including its stable debt service coverage levels of 1.34x and 1.21x maximum annual debt service (MADS) on senior and subordinate...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Downgraded
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.
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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