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

  • ID: 2043680
  • July 2004
  • Region: California
  • Standard & Poors
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Standard & Poor's Rating Services assigned its 'AA/A-1+' rating to the California Statewide Communities Development Authority's multifamily housing revenue bonds, series 2003 NN-2, and affirmed its 'AA/A-1+' rating on the existing series 2003 NN-1 bonds. The series NN-2 bonds are new bonds being issued on parity with the series NN-1 bonds that were issued in November 2003. The letter of credit (LOC) that originally supported the series 2003 NN-1 bonds will be replaced with a new, direct pay LOC from Wells Fargo Bank, National Association ('AA/A-1+') and is sized to provide coverage for both series NN-1 and NN-2 bonds. The scheduled expiration date of the LOC is March 15, 2007. The bonds can bear interest in a daily, weekly, reset,...

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

Action: Affirmed
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 READ MORE >

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- California Statewide Communities Dev Auth

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