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California Statewide Communities Development Authority's Multifamily Rev Bonds Rated AAA/A-1+ Dec 01
Standard & Poors, Dec 2001
Abstract
SAN FRANCISCO (Standard & Poor's) Dec. 3, 2001--Standard & Poor's today assigned its triple-'A/A-1'-plus rating to California Statewide Communities Development Authority's $5.8 million multifamily housing revenue bonds series 2001II, issued for the Village Green Project. The bonds are scheduled to sell Dec. 6, 2001. The rating on the bonds reflects the extremely strong credit and liquidity enhancement of the bonds through a Freddie Mac direct pay credit enhancement agreement. Freddie Mac is triple-'A' eligible based on its relationship with the federal government. The credit enhancement agreement will provide credit coverage of principal and interest due on the bond mortgage loan and liquidity coverage on the bonds in the event of a failed remarketing. Bond proceeds will be used to finance...
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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