Summary: California Statewide Communities Development Authority; Freddie Mac Direct Pay Jan 07

Standard & Poors, January 2007

Abstract
The 'AAA/A-1+' rating on California Statewide Communities Development Authority's variable-rate demand, multifamily housing revenue bonds, series 2004 EE, issued on behalf of the Rancho Santa Fe Village Apartments Project, reflects the delivery of a Freddie Mac direct pay credit enhancement agreement on Dec. 28, 2006. Freddie Mac is 'AAA'-eligible based on its relationship with the federal government. The credit enhancement agreement will provide credit coverage of principal and interest due on the bonds and liquidity coverage in the event of a failed remarketing of the bonds. The agreement will terminate on Feb. 6, 2037, five days after bond maturity. Liquidity coverage will terminate only after all the bonds have been converted to fixed rate through maturity. The credit facility is...

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

Action: Upgraded

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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

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