Summary: California Statewide Communities Development Authority; Escrow; Multifamily GNMA Dec 10

  • ID: 2044034
  • December 2010
  • Region: California
  • Standard & Poors
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Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to California Statewide Communities Development Authority's affordable multifamily housing revenue bonds (a Ginnie Mae collateralized mortgage loan for NoHo Senior Artists Colony) series 2009A-7. At the same time, Standard & Poor's affirmed its 'AAA' long-term rating on the authority's multifamily housing revenue bonds series 2009A. The 2009A-7 bonds are a subset of the 2009A bonds (New Issue Bond Program). As money from 2009A is moved to specific projects, the amount of money in escrow declines. The series 2009A-7 bonds consist of $23.99 million in program bonds owned by the U.S. Treasury. The rating reflects our opinion of the following: The extremely high credit quality of the assets, consisting of GNMA...

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

Action: Affirmed
Action: New Rating

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- California Statewide Communities Dev Auth

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