Summary: California Statewide Communities Development Authority; Letter of Credit Jun 07

Standard & Poors, June 2007

Abstract
The 'AAA/A-1+' rating on California Statewide Communities Development Authority's variable-rate demand multifamily housing revenue bonds (Oakmont of Alameda Project) series 2003 WW reflects the extremely strong credit and liquidity enhancement of the bonds through an unconditional and irrevocable direct-pay credit facility provided by Fannie Mae. The credit facility is sized at principal plus 34 days' interest calculated at the maximum rate of 12% on the bonds. The bonds will initially bear interest at a weekly rate, but can be converted to a reset or fixed rate. If the bonds convert to the reset rate or the fixed rate, the credit facility must cover the number of days of interest required to maintain the rating on the bonds. A mandatory tender...

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California Statewide Communities Dev Auth

Customers who bought this item also bought

• Discipline-Centered Learning Communities: Creating Connections Among Students, Faculty, and Curricula. New Directions for Teaching and Learning, Number 132. J-B TL Single Issue Teaching and Learning
• Results that Matter. Improving Communities by Engaging Citizens, Measuring Performance, and Getting Things Done
• Implementing Transfer Associate Degrees: Perspectives From the States. New Directions for Community Colleges, Number 160. J-B CC Single Issue Community Colleges
• Local Government Services Market Review 2010
• Charter Schools - Global Outlook
• North American Military Avionics Market
• Teaching Practices and Pedagogical Innovations: Evidence from TALIS
• Ecoliterate. How Educators Are Cultivating Emotional, Social, and Ecological Intelligence
• Marginalized Students. New Directions for Community Colleges, No. 155. J-B CC Single Issue Community Colleges
• Opportunities in Military Fiber Optics—The 2011 Edition