Standard & Poors Ratings Services raised its rating to 'AA/A-1+' from 'AA-/A-1+' on the California Statewide Communities Development Authority's multifamily housing revenue bonds, series 2004 OO, issued for the Horizons at Indio project. The raised rating is based on the investment of funds in a guaranteed investment contract (GIC) provided by Transamerica Occidental Life Insurance Company ('AA/A-1+'), which will replace the GIC provided by the Royal Bank of Canada ('AA-/A-1+') acting through its New York City branch. In conjunction with this change, the escrow break date is being extended to Dec. 1, 2005. The bonds are subject to mandatory tender on the escrow break date. If there is a failed remarketing with respect to an escrow break date, bonds will...
Companies mentioned in this report are:
- California Statewide Communities Dev Auth
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