Summary: California Statewide Comntys Dev Auth; Housing, Fannie Mae Direct Pay Nov 03
- ID: 2044074
- November 2003
- Region: California
- Standard & Poors
The 'AAA/A-1+' rating on the California Statewide Communities Development Authority's variable-rate demand multifamily housing revenue bonds 2003 series XX (Hermosa Vista Apartments project) is based on a Fannie Mae direct-pay credit enhancement facility. The credit facility is sized at principal plus 35 days' interest calculated at the maximum rate on the bonds. The bonds will initially bear interest at a weekly rate, but can be converted to a reset or fixed rate. If the bonds convert to the reset rate or the fixed rate, the credit facility must cover the number of days of interest required to maintain the bonds' rating. A mandatory tender will occur at an adjustment to a different mode or different reset rate. During the weekly...
Companies mentioned in this report are:
- California Statewide Communities Dev Auth
Action: New Rating
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. SHOW LESS READ MORE >