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California Statewide Communities Development Authority's Ser 2002D-1, 2002D-3 Rtgs Lowered To 'BBB', 'BB', Respectively Jul 10
Standard & Poors, July 2010
Abstract
NEW YORK (Standard & Poor's) July 26, 2010--Standard & Poor's Ratings Services lowered its ratings on California Statewide Communities Development Authority's (Citrus Gardens Apartments project) multifamily housing revenue refunding bonds series 2002D-1 (senior) and 2002D-3 (junior) to 'BBB' and 'BB' from 'A' and 'BBB', respectively. The outlook is stable. The ratings reflect our opinion of declining debt service coverage level of 1.28x maximum annual debt service (MADS) on the senior bonds and 1.15x on the junior bonds, based on 2009 audited statements; decrease in net occupancy to 90% in 2009 from 93% in 2008; increasing vacancy in the project's submarket; and high loan-to-value ratio of 98% based on 2009 operating income and the project's rated debt. However, the above weaknesses...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Downgraded
Action: Outlook: Stable
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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