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

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

  • ID: 2043984
  • November 2005
  • Region: California
  • Standard & Poors

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

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- California Statewide Communities Dev Auth

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