Summary: California Statewide Communities Development Authority; Fannie Mae Direct Pay; Guaranteed Invstmnt Contract/Invstmnt Agreement Oct 06
Standard & Poors, October 2006
Abstract
The ratings on the California Statewide Communities Development Authority's variable rate demand multifamily housing mortgage revenue bonds, series 2003 CCC and 2003 CCC-1, issued on behalf of the Village at Hesperia L.P. for the Village at Hesperia Apartments, have been affirmed in anticipation of the substitution of a Fannie Mae direct pay credit enhancement facility on Oct. 26, 2006 that will provide credit and liquidity coverage for both series of bonds. Currently a Fannie Mae credit facility is in place for the 2003 CCC bonds, providing credit and liquidity coverage resulting in a 'AAA/A-1+' rating on the bonds. The 2003 CCC-1 bonds are secured by an investment in U. S. Treasuries that provides credit support, but not liquidity support, resulting...
Companies mentioned in this report are:
- California Statewide Communities Dev Auth
Action: Affirmed
Action: New Rating
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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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