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California Statewide Communities Development Authority's Bonds Rated 'AAA/A-1+' Jul 00
Standard & Poors, July 2000
Abstract
NEW YORK (Standard & Poor's CreditWire) July 7, 2000--Standard & Poor's today assigned its triple-'A'/'A-1'-plus rating on California Statewide Communities Development Authority's $7.32 million multifamily housing revenue bonds (Emerald Garden Apartments) series 2000E. Standard & Poor's also assigned its triple-'A'/'A-1'-plus rating to the authority's $825,000 taxable multifamily housing revenue bonds (Emerald Gardens Apartments) series 2000E-T. The rating on the bonds reflects: -- Extremely strong credit enhancement of the mortgage backing the bonds through a Fannie Mae direct-pay credit enhancement facility, and -- 'AAA' rated investments. The mortgage on the project will be secured by a Fannie Mae direct-pay credit enhancement facility, through which Fannie Mae will make all regularly scheduled payments of principal and interest due on the mortgage note....
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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