|
|
 |
|
Viewing report
|
|
|
|
California Statewide Communities Development Authority's Bonds Rated 'AAA' Apr 99
Standard & Poors, April 1999
Abstract
NEW YORK (Standard & Poor's CreditWire) April 20, 1999-Standard & Poor's today assigned its triple-'A' rating to California Statewide Communities Development Authority's $4.96 million multifamily housing revenue bonds series 1999E, issued for Saratoga Senior Apartments. The rating is based on: - -- A Fannie Mae collateral agreement provided at closing that will secure the bonds until the conversion date; - -- Credit enhancement through a Fannie Mae mortgage-backed security (MBS) guarantee;, - -- 'AAA' rated investments; and - -- Cash flows demonstrating full and timely payment of debt service and program fees throughout the life of the bonds. At closing, bond proceeds will be used to fund a $4.96 million mortgage loan to finance the acquisition, construction, and equipping of...
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.
|
|
|
|
