Summary: California Statewide Communities Development Authority; Letter of Credit Jan 08

Standard & Poors, January 2008

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+/A-1+' rating on California Statewide Communities Development Authority's variable-rate multifamily housing bonds (Olen Jones Apartments) series 2002 due to the bank facility being extended to Dec. 5, 2012. The long-term and short-term components of the rating are based on Citibank N.A....

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

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