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California Statewide Communities Development Authority; Housing, Multifamily FNMA Apr 01
Standard & Poors, April 2001
Abstract
The 'AAA' rating on California Statewide Communities Development Authority's series 2001D, D-T bonds, issued for Claremont Village Apartments, reflects: Extremely strong credit enhancement through an irrevocable standby Fannie Mae credit enhancement facility backing the mortgage note. Fannie Mae receives implied support from the U. S. government and qualifies as 'AAA' eligible under Standard & Poor's rating criteria; Cash flow strength which demonstrates that bond debt service and fees will be paid under all stress scenarios; and 'AAA'-rated investments. The mortgage note will be delivered to the trust estate at closing and will be enhanced by a Fannie Mae stand-by credit facility. The mortgage note is sized to cover the borrower's mortgage payments as well as an Interest Reduction Payment (IRP),...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: New Rating
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
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