Summary: California Statewide Communities Development Authority Northwest Gateway Apartments; Letter of Credit Dec 08

Standard & Poors, December 2008

Abstract
Standard & Poor's Ratings Services 'AA/A-1+' rating on California Statewide Communities Development Authority's variable-rate demand taxable multifamily housing revenue bonds, Northwest Gateway Apartments, series 2004C remains on CreditWatch with negative implications following the review of documentation for a proposed substitution of a letter of credit provided by Bank of America N.A. with a Fannie Mae direct-pay credit facility. The rating is expected to change on the effective date of substitution, Dec. 15, 2008, to reflect the then current rating of Fannie Mae (AAA/A-1+)....

Companies mentioned in this report are:
- Northwest Gateway Apts
- 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.

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.

- Northwest Gateway Apts
- California Statewide Communities Dev Auth

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