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California Statewide Communities Development Authority's Multifamily Hsg Rev Bonds Rated 'AAA' Nov 01
Standard & Poors, Nov 2001
Abstract
SAN FRANCISCO (Standard & Poor's) Nov. 14, 2001--Standard & Poor's today assigned its triple-'A' rating to California Statewide Communities Development Authority's $17.83 million multifamily housing revenue bonds series 2001LL, issued for the Community Garden Towers Apartments project. The bonds are scheduled to sell on Nov. 16, 2001. The rating is based upon: -- Extremely strong credit quality of the GNMA Permanent Loan Certificate (PLC), anticipated to be delivered on or prior to Dec. 30, 2001; -- Investments commensurate with a triple-'A' rating; -- Cash flow projections indicating the sufficiency of revenues to pay fees and debt service on all bonds until final maturity; and -- Sufficiency of excess assets to cover various credit and liquidity shortfalls such as reinvestment risk,...
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: 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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