Summary: California Statewide Communities Development Authority; FNMA Collateral Agreement Sep 10

Standard & Poors, September 2010

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA' long-term rating on the California Statewide Communities Development Authority's series 2001 D and D-T (Claremont Village Apartments) and series 2001 E and E-T (Pioneer Gardens Apartments) multifamily housing revenue bonds and removed the ratings from CreditWatch with negative implications where they were placed May 12, 2010. The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The rating reflects our view of the following: The extremely high credit quality of the Fannie Mae mortgage backed security, which is considered to be 'AAA'-eligible; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until...

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

Action: Affirmed
Action: Removed From CreditWatch

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California Statewide Communities Dev Auth

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