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

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

  • ID: 2044645
  • September 2010
  • Region: California
  • Standard & Poors

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

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- California Statewide Communities Dev Auth

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