Summary: California Statewide Communities Development Authority; Escrow; Freddie Mac Direct Pay Jun 10

Standard & Poors, June 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' rating to California Statewide Communities Development Authority's (Hacienda Hills Apartments Project) affordable multifamily housing revenue bonds series 2010I and 2009A-2. At the same time, Standard & Poor's affirmed its 'AAA' rating on the authority's affordable multifamily housing revenue bonds series 2009A. The series 2009A-2 bonds consist of $1.68 million in program bonds owned by the Treasury, and the series 2010I bonds consist of $3.02 million in new market bonds. The series 2009A bonds were issued under a new trust indenture, and bond proceeds were held in escrow in accordance with the New Issue Bond Program. On the date of release (June 24, 2010), the bond proceeds for series 2009A-2 will be transferred...

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

Action: Affirmed
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.

- California Statewide Communities Dev Auth

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