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Summary: California Statewide Communities Development Authority Vineyard Creek L.P.; Letter of Credit Jun 07 Product Image

Summary: California Statewide Communities Development Authority Vineyard Creek L.P.; Letter of Credit Jun 07

  • Published: June 2007
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' rating on California Statewide Communities Development Authority's (Vineyard Creek L.P.) variable-rate demand multifamily housing revenue bonds (Vineyard Creek Apartments) series 2003 W. The rating reflects the extremely strong credit and liquidity enhancement of the bonds through a substitute unconditional and irrevocable direct-pay credit facility provided by Fannie Mae. The substitute credit facility is sized at principal plus 34 days' interest calculated at the maximum rate of 12% on the bonds. The credit facility provides credit and liquidity coverage for all optional and mandatory redemptions, tenders, and acceleration. Interest will be automatically reinstated following a draw. An event of default under the reimbursement agreement results in either mandatory redemption, purchase in lieu, or...

Companies mentioned in this report are:
- Vineyard Creek, LP
- California Statewide Communities Dev Auth

Action: Affirmed

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- Vineyard Creek, LP
- California Statewide Communities Dev Auth

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