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California Statewide Communities Development Authority's Housing Revenue Bonds 'AAA/A-1+' Sep 00
Standard & Poors, Sep 2000
Abstract
SAN FRANCISCO (Standard & Poor's CreditWire) Sept. 18, 2000--Standard & Poor's today assigned its triple-'A'/`A-1'-plus rating to California Statewide Communities Development Authority's $10.3 million variable-rate demand housing revenue bonds series 2000H, issued for Fairfax Towers Apartments. The bonds are scheduled to sell Sept. 18, 2000. The rating reflects the extremely strong credit enhancement of the bonds through a Fannie Mae direct-pay credit enhancement facility. The bonds used to fund the mortgage on the project will be secured by a Fannie Mae direct-pay credit enhancement facility, through which Fannie Mae will make all regularly scheduled payments of principal and interest due on the bonds. Under this structure, the trustee is instructed to draw on Fannie Mae one-day prior to each bond...
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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