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California Statewide Communities Development Authority; Housing, Fannie Mae Direct Pay Dec 03
Standard & Poors, Dec 2003
Abstract
The 'AAA/A-1+' rating on the California Statewide Communities Development Authority's variable rate demand multifamily housing mortgage revenue bonds, series 2003 CCC, issued on behalf of the Village at Hesperia L.P. for the Village at Hesperia Apartments, reflects the strong credit and liquidity enhancement of the bonds through an unconditional and irrevocable direct pay credit enhancement facility provided by Fannie Mae. At closing the bonds will be secured by a Fannie Mae direct-pay credit enhancement facility, through which Fannie Mae will make all regularly scheduled payments of principal and interest due on the bonds. Under this structure, the trustee is instructed to draw on Fannie Mae one day prior to each bond interest payment date, eliminating lags. The credit facility also...
Companies mentioned in this report are: 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 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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