Summary: California Statewide Comntys Dev Auth; Housing, Convertible Option Bonds Jun 03

Standard & Poors, June 2003

Abstract
The 'SP-1+' rating on California Statewide Communities Development Authority's multifamily housing revenue bonds, series 2002HH, issued for the Creekside at Meadow Park Apartments Project, is affirmed reflecting strong credit support from an investment agreement provided by Bayerische Landesbank ('AAA/A-1+'). Proceeds from the initial sale of these bonds in December 2002 were deposited into this investment agreement, which is now being extended through July 16, 2003. For the period from June 16, 2003 to the earlier of the escrow break date or July 15, 2003, the bonds will continue to bear interest at a reset rate of 1.4%. The investment agreement also provides for a rate of earnings of 1.4% (the same rate as the bonds) for the period from June...

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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