Summary: California Statewide Communities Development Authority's Series 2008D Bonds Rating Lowered To 'A+/A-1'; Letter of Credit Jul 10
- ID: 2044388
- July 2010
- Region: California
- Standard & Poors
Standard & Poor's Ratings Services lowered its rating on California Statewide Communities Development Authority's (Rady Children's Hospital and Health Center - San Diego) variable-rate revenue bonds series 2008D to 'A+/A-1' from 'AA/A-1+', based on the substitution of the letter of credit (LOC) provided by Wells Fargo Bank ('AA/A-1+'; formerly Wachovia Bank N.A.) to one provided by Bank of Montreal (A+/A-1). The substitution is scheduled for July 29, 2010. The LOC provides coverage for payment of principal of and interest on the bonds, including payment of unremarketed tendered bonds. The LOC provides for a maximum of 55 days of interest coverage at 12% per annum and enhances bonds in the weekly and daily rate modes. Bondholders may tender their bonds during the weekly...
Companies mentioned in this report are:
- Rady Children's Hosp & Hlth Ctr
- California Statewide Communities Dev Auth
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