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California Statewide Communites Development Authority; Housing, Affordable Housing Dec 05
Standard & Poors, Dec 2005
Abstract
Standard & Poor's Ratings Services affirmed its 'A' and 'BBB' ratings on California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Quail Ridge Apartments Project), series 2002 E-1 and E-3, respectively. The ratings reflect the following factors: Debt service coverage ratios (DSCRs) on the senior and subordinate bonds of 1.39x maximum annual debt service (MADS) and 1.25x MADS for fiscal 2004, respectively, a significant improvement over the previous year; A projected further improvement in debt service coverage to 1.51x on the senior bonds and 1.36x on the subordinate bonds for fiscal 2005; A first mortgage lien on an older, but good quality, apartment complex; and Affordable rents and a favorable location in a strong real estate submarket. These factors...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Affirmed
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: Full Analysis
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