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California Statewide Communities Development Authority; Note Jun 09
Standard & Poors, June 2009
Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' rating to California Statewide Communities Development Authority's $246.5 million of tax-exempt series 2009A-1 tax and revenue anticipation notes (TRANs). The rating reflects the short-term credit of the participants as well as overcollateralization provided in the form of a letter of credit (LOC) in the amount of $35.33 million from U.S. Bank National Association (AA+/A-1+/Watch Neg), or 14% of the principal amount of the series A-1 notes to address the possibility of debt service deficiencies in the 23 participating local agencies' individual TRAN repayment accounts securing the bonds. We believe the $35.33 million overcollateralization level is sufficient to cover any potential deficiencies among the participating borrowers in the series A-1 borrowings. We evaluated...
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: Full Analysis
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