|
|
 |
|
Viewing report
|
|
|
|
California Statewide Communities Development Authority; Affordable Housing Nov 08
Standard & Poors, Nov 2008
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB+' and 'BBB-' ratings on California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Quail Ridge Apartments Project), series 2002 E-1 and E-3 bonds, respectively. The ratings reflect the following strengths: Debt service coverage (DSC) ratios on the senior and subordinate bonds of 1.45x maximum annual debt service (MADS) and 1.31x MADS, respectively, for fiscal 2007; Declining expenses at the project; A fully funded debt service reserve fund (DSRF); and The project's affordable rents and favorable location in a good multifamily housing market. These strengths are partly offset by the following weaknesses: A significant decline in DSC levels from 2006 to below the pro forma DSC levels, although DSC levels are still...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Affirmed
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: Full Analysis
|
|
|
|
