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

  • ID: 2044815
  • May 2002
  • Region: California
  • Standard & Poors
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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 The proceeds withdrawn...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

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- California Statewide Communities Dev Auth

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