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California Statewide Communities Development Authority; Affordable Housing Mar 09
Standard & Poors, March 2009
Abstract
Standard & Poor's Ratings Services affirmed its 'A' and 'BBB' ratings on California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Citrus Gardens Apartments project), series 2002 D-1 and 2002 D-3 bonds, respectively. The ratings reflect our opinion of the project's following strengths: Stable debt service coverage at 1.46x on the senior bonds and 1.31x on the subordinate bonds based on 2007 audited financial statements, with increased coverage based 2008 unaudited financial statements; Fully funded debt service reserve fund (DSRF); and The project's affordable rents and favorable location in a good multifamily housing market. These strengths are partly offset by our opinion of the project's following weaknesses: Declining occupancy and declining effective gross income in 2007, although occupancy increased...
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.
Research Type: Full Analysis
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