Summary: California Statewide Comntys Dev Auth; Housing, Fannie Mae Direct Pay Nov 03

  • ID: 2044074
  • November 2003
  • Region: California
  • Standard & Poors
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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

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- California Statewide Communities Dev Auth

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