California Statewide Communities Development Authority; Affordable Housing Aug 10

Standard & Poors, August 2010

Abstract
Standard & Poor's Ratings Services lowered its rating on California Statewide Communities Development Authority's (Quail Ridge Apartments project) multifamily housing revenue refunding bonds series 2002E-1 and 2002E-3 to 'BB+' and 'BB-' from 'BBB' and 'BB+', respectively. The outlooks remain negative. The ratings reflect our view of the following weaknesses: A 17% decline in net operating income (NOI) in 2009, resulting in debt service coverage of 1.28x maximum annual debt service (MADS) on the senior bonds and 1.15x on junior bonds, based on 2009 audited statements; A decrease in net occupancy to 84% in 2009 from 91% in 2008; High loan-to-value ratio of 94% based on 2009 operating income and the project's rated debt. The above weaknesses are partially offset by...

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

Action: Downgraded

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.

Research Type: Full Analysis

- California Statewide Communities Dev Auth

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