Summary: California Statewide Communities Development Authority; FNMA Collateral Agreement Feb 11

Standard & Poors, February 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' rating on California Statewide Communities Development Authority's (Woodsong Apartments Project) Fannie Mae collateralized variable-rate demand multifamily housing revenue bonds series 1997B. The 'AAA' long-term component of the rating reflects our opinion of the strong credit quality of the assets and credit support underlying the issue. The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The 'AAA' long-term component of the rating also reflects our opinion of the likelihood bondholders will receive payments of debt service. The 'A-1+' short-term component of the rating reflects our opinion of the likelihood of payment for ongoing optional and mandatory tenders. Other rating factors include our opinion of the...

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

Action: Affirmed

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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