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California Statewide Communities Development Authority's 'AAA/A-1+' Rtg Affirmed on Reoffering Nov 01
Standard & Poors, Nov 2001
Abstract
SAN FRANCISCO (Standard & Poor's) Nov. 29, 2001--Standard & Poor's today affirmed its triple-'A'/'A-1'-plus rating on California Statewide Communities Development Authority's $2.44 million and $700,000 multifamily housing revenue bonds series 1998LL-4 and 1998LL-5, respectively. The rating reflects very strong credit support from an investment agreement provided by AIG Matched Funding Corp., guaranteed by AIG (triple-'A'/'A-1'-plus ). Proceeds from the initial sale of these bonds in November 1998 were deposited into this investment agreement, which is now being extended through June 3, 2002, the final mandatory tender date. The bonds are being tendered and reoffered on Dec. 3, 2001, with remarketing proceeds being used to pay the purchase price of the tendered bonds. The principal investment and investment income from the...
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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