Summary: California Statewide Comntys Dev Auth; Housing, Convertible Option Bonds Jun 05

Standard & Poors, June 2005

Abstract
The 'AAA/A-1+' rating on California Statewide Communities Development Authority's multifamily housing revenue bonds, series 2002Y, issued for the Fountains at Seacliff Apartments Project, was affirmed based on an investment agreement provided by Bayerische Landesbank ('AAA/A-1+'). Proceeds from the initial sale of the bonds in September 2002 were deposited into this investment agreement, which is in effect until Oct. 15, 2005. On June 8, 2005, it is anticipated that the bonds will be remarketed and a Fannie Mae direct pay credit facility will take effect. At that time, it is expected that the rating will be affirmed based on the rating of Fannie Mae. The anticipated expiration date for the Fannie Mae credit facility is Oct. 21, 2035, six days after...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth

Action: Affirmed

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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.

- California Statewide Communities Dev Auth

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