Summary: California Statewide Communities Development Authority Vineyard Creek L.P.; Letter of Credit Jun 07
- ID: 2043731
- June 2007
- Region: California
- Standard & Poors
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
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