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California Statewide Communities Development Authority; Public Finance Structured, Escrow Mar 06
Standard & Poors, March 2006
Abstract
Standard & Poor's Ratings Services assigned its 'AAA' rating to the California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Corporate Fund for Housing/Five Seasons Multiple Facilities), series 1999A, 1999B-1, and 1999B-2, based on an escrow funded with direct non-callable obligations of the U.S. The interest will be paid on the bonds on June 1 and Dec. 1, beginning June 1, 2006. The series 1999A, 1999B-1, and 1999B-2 bonds will be redeemed at a redemption price equal to 103% of par on Dec. 1, 2009, which is the first optional redemption date. The escrow agent is The Bank of New York Trust Co. N.A. Counsel has opined that all conditions precedent to the satisfaction and discharge of the trust...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: New Rating
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: Full Analysis
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