Summary: California Statewide Comntys Dev Auth; Housing, Convertible Option Bonds May 02

Standard & Poors, May 2002

Abstract
The 'AAA/A-1+' rating on California Statewide Communities Development Authority's bonds reflects very strong credit support from an investment agreement provided by AIG Matched Funding Corp., guaranteed by AIG ('AAA/A-1+'). Proceeds from the initial sale of these bonds in November 1998 were deposited into this investment agreement, which is now being extended through April 1, 2003, the final mandatory tender date. The bonds are being tendered and reoffered on June 3, 2002, with remarketing proceeds being used to pay the purchase price of the tendered bonds. Under the terms of the investment agreement, the trustee may at any time prior to expiration withdraw the bond proceeds from the investment agreement and replace those funds with refunding bond proceeds. The proceeds withdrawn...

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

Action: Affirmed

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.

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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