Summary: California Statewide Comntys Dev Auth; Public Finance Structured, Letter of Credit Jul 04

Standard & Poors, July 2004

Abstract
Standard & Poor's Ratings Services assigned its 'AA/A-1+' rating to the California Statewide Communities Development Authority's variable-rate demand, multifamily housing revenue bonds, series 2004 EE, issued on behalf of the Rancho Santa Fe Village Apartments Project. The rating is based on an irrevocable direct pay letter of credit (LOC) provided by Citibank N.A. (A'A/A-1+'). The LOC will provide payment for regularly scheduled principal and interest, as well as for unremarketed tendered bonds, for 35 days at a maximum interest rate of 12% in the variable-rate mode. The bonds shall initially bear interest in a variable-rate mode. The bonds may also be converted to a reset or fixed-rate mode. Bonds shall pay interest on the first Thursday day of each month...

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

Action: New Rating

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.

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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