Summary: California Statewide Comntys Dev Auth; Public Finance Structured, Guaranteed Invstmnt Contract/Invstmnt Agreement Oct 03

Standard & Poors, October 2003

Abstract
The 'AA' rating on the California Statewide Communities Development Authority's variable rate multifamily housing revenue bonds series 2003, issued for the Wilshire Court Apartments Project, is affirmed upon the extension of the expiration date of the guaranteed investment contract (GIC) provided by Aegon, a subsidiary of Transamerica Life Insurance and Annuity Co. ('AA/A-1+') to Jan. 23, 2004 from Oct. 31, 2003 and the extension of the escrow break date to Jan. 15, 2004 to secure permanent financing. Between Oct. 31, 2003 and Jan. 15, 2004 there could be a mandatory tender of bonds, based on conditions in the trust indenture being met for a break of the escrow. These conditions include receipt by the trustee of a certification of the...

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

Action: Affirmed

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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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