Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' rating on California Statewide Communities Development Authority's (Oakmont Senior Living) variable-rate demand multifamily housing revenue bonds (Oakmont of Chino Hills Project) series 2003 P. The rating reflects the extremely strong credit and liquidity enhancement of the bonds through a substitute unconditional and irrevocable direct-pay credit facility provided by Fannie Mae. The substitute credit facility is sized at principal plus 34 days' interest calculated at the maximum rate of 12% on the bonds. The credit facility provides credit and liquidity coverage for all optional and mandatory redemptions, tenders, and acceleration. Interest will be automatically reinstated following a draw. An event of default under the reimbursement agreement results in either mandatory redemption, purchase in...
Companies mentioned in this report are:
- Oakmont Sr Living
- California Statewide Communities Dev Auth
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