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Summary: California Statewide Communities Development Authority; Multifamily GNMA Sep 10 Product Image

Summary: California Statewide Communities Development Authority; Multifamily GNMA Sep 10

  • Published: September 2010
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA' rating on California Statewide Communities Development Authority's (Sycamore Ridge Apartments) Ginnie Mae collateralized multifamily housing revenue refunding bonds series 2003 and removed it from CreditWatch with negative implications. The rating reflects our view of the following: Cash flows showing timely payment of principal and interest on the bonds until maturity, assuming no reinvestment earnings on the bond fund; The extremely high credit quality of the assets consisting of a Ginnie Mae permanent loan certificate; and Investments held in 'AAAm-G'-rated money market fund. On May 12, 2010, the rating was included in a rating action where we placed certain housing issues on CreditWatch with negative implications due to revised methodology for certain Federal...

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

Action: Affirmed
Action: Removed From CreditWatch

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- California Statewide Communities Dev Auth

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