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California Statewide Communities Development Authority (Quail Ridge Apartments Project); Housing, Affordable Housing Aug 02
Standard & Poors, Aug 2002
Abstract
The ratings on California Statewide Communities Development Authority's (Quail Ridge Apartments project) series 2002 bonds reflect the following strengths: Strong project net operating income sufficient to service debt at times 1.55 times (x) on the 2002 series E-1 and E-2 bonds and 1.40x on the subordinate 2002 series E-3 bonds; A first mortgage lien on a good quality, older apartment complex with affordable rents in a favorable location in a strong real estate submarket; Adequately funded replacement reserves; and Senior bonds loan to value of about 93%. The rating also reflects the following weakness: A not-for-profit owner, which has only five years of institutional experience owing real estate. Bond proceeds will be used to refund a short-term note used to...
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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