Summary: Vineyard Creek, LP, CA; Public Finance Structured, Letter of Credit Feb 04
- ID: 2043790
- February 2004
- Standard & Poors
The 'AAA/A-1+' rating assigned to the California Statewide Communities Development Authority's multifamily housing revenue bonds, series 2003W and W-T, issued on behalf of Vineyard Creek LP for the Vineyard Creek Apartments project, is affirmed based on the substitution from one letter of credit (LOC) originally provided by Exchange Bank ('NR') and one confirming letter of credit (CLOC) provided by the Federal Home Loan Bank of San Francisco ('AAA/A-1+') to three LOCs provided by Exchange Bank, Bank of Stockton ('NR'), and Union Safe Deposit Bank ('NR') with three corresponding CLOCs provided by the Federal Home Loan Bank of San Francisco. The LOCs and CLOCs are scheduled to expire on Oct. 30, 2008. The LOCs and CLOCs collectively provide coverage for all...
Companies mentioned in this report are:
- Vineyard Creek, LP
- 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.
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. SHOW LESS READ MORE >