Summary: California Statewide Comntys Dev Auth; Housing, Affordable Housing Nov 05

Standard & Poors, November 2005

Abstract
The 'A' and 'BBB' ratings on California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Citrus Gardens Apartments project), series 2002, were affirmed. The ratings reflect the following strengths: Stable debt service coverage at 1.53x on the senior bonds and 1.37x on the subordinate bonds; Improvement in asking rents, although rents are still below asking rents for the submarket; High occupancy at the project; Strong overall rated loan-to-value ratio of 90%; and A fully funded debt service reserve fund. The stable outlook reflects the quality of the real estate and the strong affordable multifamily market in San Bernardino County. The year-to-date financial statements as of Oct. 31, 2005, reflect the project's improving performance. If the 2005 audited financial statements...

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

Action: Affirmed

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

Customers who bought this item also bought

• Housing Associations Market Report - UK 2012-2016 Analysis
• Implementing Transfer Associate Degrees: Perspectives From the States. New Directions for Community Colleges, Number 160. J-B CC Single Issue Community Colleges
• African Infrastructure Tracker: South Africa's Social Infrastructure
• 2012 America's Neighborhoods-Zip Code 92404 for San Bernardino, CA report
• 2012 America's Neighborhoods-Zip Code 92407 for San Bernardino, CA report
• 2012 America's Neighborhoods-Zip Code 92410 for San Bernardino, CA report
• Ecoliterate. How Educators Are Cultivating Emotional, Social, and Ecological Intelligence
• Augmented Reality in the Battlefield 2012 - 2016
• Faces of Learning. 50 Powerful Stories of Defining Moments in Education
• IAEM CEM® Emergency Management Webcast Series