Standard & Poor's Ratings Services assigned its 'AAA/A-1+' rating to California Statewide Communities Development Authority's variable-rate demand multifamily housing revenue bonds (Apartment Renovation Group) (Southshore Apartments) series 2009M, based on a confirming, irrevocable, direct-pay letter of credit (CLOC) provided by Federal Home Loan Bank of San Francisco (AAA/A-1+) that confirms a letter of credit (LOC) provided by East West Bank, which is unrated. The East West Bank LOC and the Federal Home Loan Bank of San Francisco CLOC will expire on Sept. 29, 2019, unless terminated earlier pursuant to its terms. The LOC and CLOC are sized at principal plus 39 days' interest calculated with a maximum rate of 12%. The LOC and CLOC currently provide coverage in the daily...
Companies mentioned in this report are:
- Apartment Renovation Grp
- California Statewide Communities Dev Auth
Action: New Rating
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