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California Statewide Communities Development Authority; Affordable Housing Jan 08
Standard & Poors, Jan 2008
Abstract
The 'A' and 'BBB' ratings on California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Citrus Gardens Apartments project), series 2002 D-1 and D-3, respectively, were affirmed. The ratings reflect the following strengths: Strong debt service coverage (DSC) at 1.78x on the senior bonds and 1.59x on the subordinate bonds, Increasing rents at the project, A fully funded debt service reserve fund (DSRF), and The project's affordable rents and favorable location in a good multifamily housing market. These strengths are partly offset by the following weaknesses: Rising vacancies and declining effective gross income, resulting in a projected decline in debt service coverage ratios (DSCRs) for fiscal 2007; and A moderate overall rated loan- to-value (LTV) ratio of 73% on...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Affirmed
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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