|
|
 |
|
Viewing report
|
|
|
|
California Statewide Comntys Dev Auth; Housing, Fannie Mae Direct Pay Nov 03
Standard & Poors, Nov 2003
Abstract
The 'AAA/A-1+' rating on the California Statewide Communities Development Authority's variable-rate demand multifamily housing revenue bonds, series 2003 EEE, issued for The Salvation Army San Francisco Silvercrest L.P., reflects the strong credit and liquidity enhancement of the bonds through an unconditional and irrevocable direct pay credit facility provided by Fannie Mae. The credit facility is sized at principal plus 34 days' interest calculated at the maximum rate on the bonds. Bonds will initially bear interest at a weekly rate, but can be converted to a reset or fixed rate. If the bonds convert to the reset rate or the fixed rate, the credit facility must cover 210 days of interest, which is required to maintain the rating on the bonds....
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: Full Analysis
|
|
|
|
