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Summary: California Statewide Communities Development Authority's Series 2000Y-T Bonds Rating Off Watch Negative; Affirmed; Multifamily FNMA Jun 10 Product Image

Summary: California Statewide Communities Development Authority's Series 2000Y-T Bonds Rating Off Watch Negative; Affirmed; Multifamily FNMA Jun 10

  • ID: 2044158
  • June 2010
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services removed its 'AAA' long-term rating on California Statewide Communities Development Authority's (Olympus Park Project) taxable multifamily variable-rate housing revenue bonds series 2000Y-T from CreditWatch with negative implications. At the same time, the rating was affirmed. On May 12, 2010, it was included in a rating action where we placed certain housing issues on CreditWatch with negative implications due to revised methodology for certain Federal Government-Enhanced housing transactions. Standard & Poor's has received updated information that this issue, in our opinion, is not reliant on investment earnings for full and timely payment due to the pass-through nature of the bonds. USPF Criteria: Ginnie Mae, Fannie Mae, And Freddie Mac Multifamily Securities, June 26, 2007...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth

Action: Affirmed
Action: Removed From CreditWatch

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- California Statewide Communities Dev Auth

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