S&P Rts CA Statewide Comm Dev Auth Hsg Rev Bnds AAA Mar 98

Standard & Poors, March 1998

Abstract
NY -- Standard & Poor's CreditWire 3/26/98 – Standard & Poor's today assigned its triple-`A' rating to California Statewide Community Development Authority's multifamily housing revenue bonds (Mountain View Manor Apartments Project) series 1998E dated March 1, 1998 due Nov. 1, 2030. The rating on the authority's bonds reflects: -- FNMA credit enhancement of the mortgage backing the bonds through a collateral agreement and mortgage-backed security guarantee; -- Triple-'A' rated investments; and -- Cash flows evidencing the full and timely payment of debt service and program fees. Bond proceeds will be used to fund a $7.4 million mortgage loan to be made by the issuer to MVM Limited Partnership for acquisition and rehabilitation of a 200-unit housing project for seniors in...

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

Action: New Rating

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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.

- California Statewide Communities Dev Auth

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