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
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