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California Statewide Communities Development Authority's Revenue Bonds Rated 'AAA' Oct 01
Standard & Poors, Oct 2001
Abstract
SAN FRANCISCO (Standard & Poor's) Oct. 11, 2001--Standard & Poor's today assigned its triple-'A' rating to California Statewide Communities Development Authority's $6.766 million multifamily mortgage revenue bonds series 2001A, issued for the Orange Tree Apartments Project. The bonds are scheduled to sell on Oct. 12, 2001. The rating is based upon: -- Extremely strong credit quality of the GNMA Permanent Loan Certificate (PLC), anticipated to be delivered on or prior to December 31, 2001; -- Investments commensurate with a triple-'A' rating; -- Cash flow projections indicating the sufficiency of revenues to pay fees and debt service on all bonds until final maturity; and -- Sufficiency of excess assets to cover various credit and liquidity shortfalls such as reinvestment risk, negative...
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.
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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