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

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

  • Published: December 2010
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to California Statewide Communities Development Authority's affordable multifamily housing revenue bonds (Ginnie Mae collateralized mortgage loan - Villae II Apartments) series 2009A-6 and 2010N. At the same time, Standard & Poor's affirmed its 'AAA' long-term rating on the authority's multifamily housing revenue bonds series 2009A. The rating reflects our opinon of the following: The extremely high credit quality of the assets consisting of Ginnia Mae (GNMA) construction loan certificates (CLCs) and a permanent loan certificate (PLC); High credit quality of investments; and Cash flow sufficiency. At closing, bond proceeds will be held in the acquisition fund, which will be invested in eligible investments whose quality is commensurate with the rating...

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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