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California Statewide Comm Dev Auth's Quail Ridge Apartment Sr Bond Rtg Lowered To 'BBB+' Dec 06
Standard & Poors, Dec 2006
Abstract
SAN FRANCISCO (Standard & Poor's) Dec. 29, 2006--Standard & Poor's Ratings Services lowered its ratings to 'BBB+' from 'A' and to 'BBB-' from 'BBB' 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 outlook is stable. 'Respective debt service coverage ratios in fiscal 2005 of 1.39x and 1.25x maximum annual debt service on the senior and subordinate bonds, while unchanged from the previous year, were still well below pro forma debt service coverage levels,' said Standard & Poor's credit analyst Karen Fitzgerald. 'In addition, the Quail Ridge project had a moderately high overall rated loan-to-value ratio of 94% in fiscal 2005, and the project has experienced...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Downgraded
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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