Standard & Poor's Ratings Services assigned its 'AA/A-1+' rating to the California Statewide Communities Development Authority's $13.5 million variable-rate demand multifamily housing revenue bonds, series 2005Q, issued on behalf of UHC Elk Brown L.P. for The Stoneridge At Elk Grove Project. The 'AA/A-1+' rating is based on a direct pay LOC provided by Citibank N.A. ('AA/A-1+'). The LOC will provide payment for regularly scheduled principal and interest, as well as for unremarketed tendered bonds for an amount equal to 35 days at a 12% maximum rate of interest in the weekly rate mode. The bonds will be issued in the weekly interest rate, which may be later converted to a term rate mode. Bonds in the weekly rate mode will...
Companies mentioned in this report are:
- UHC Madera
- California Statewide Communities Dev Auth
Action: New Rating
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