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Calif Statewide Comn Dev Auth MF Hsg Bnds Ser 2001 Not Affected by Bank Austria Downgrade Jan 02
Standard & Poors, Jan 2002
Abstract
The rating on the California Statewide Communities Development Authority's multifamily housing revenue bonds series 2001 (Creekside Apartments Project) will not be affected by the recent downgrade of the guaranteed investment agreement provider, Bank Austria AG (A+/A-1). The loan fund is invested with Bank Austria through March 15, 2002. Although the bank's rating was downgraded earlier this month, all outstanding obligations at Dec. 31, 2001 were affirmed at the previous rating of 'AA+/A-1+', reflecting the benefit of a deficiency guarantee provided by the City of Vienna (AAA/Negative/A-1+) until the respective maturities of the obligations. The investment agreement was entered into prior to the Dec. 31, 2001 cutoff, and is included in the grandfathering provision. (For further information, see RatingsDirect for the...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: S&P Event
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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