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Summary: California Statewide Communities Development Authority Apartment Renovation Group; Letter of Credit Oct 09 Product Image

Summary: California Statewide Communities Development Authority Apartment Renovation Group; Letter of Credit Oct 09

  • Published: October 2009
  • Region: California
  • Standard & Poors

FEATURED COMPANIES

  • Apartment Renovation Grp
  • MORE

Abstract
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

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 READ MORE >

- Apartment Renovation Grp
- California Statewide Communities Dev Auth

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