Summary: California Statewide Comntys Dev Auth; Housing, Fannie Mae Direct Pay Oct 04

  • ID: 2044905
  • October 2004
  • Region: California
  • Standard & Poors
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The 'AAA/A-1+' rating on the California Statewide Communities Development Authority, Calif.'s variable rate demand multifamily housing revenue bonds, series 2004LL, issued on behalf of Fairfield Wyndover LP for Wyndover Apartments, reflects the strong credit and liquidity enhancement of the bonds through an unconditional and irrevocable direct pay credit facility provided by Fannie Mae. The credit facility is sized at principal plus 34 days' interest calculated at the maximum rate of 12% on the bonds. Bonds will initially bear interest at a weekly rate, but can be converted to a reset or fixed rate. If the bonds convert to the reset rate or the fixed rate, the credit facility must cover the number of days of interest required to maintain the...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth

Action: New Rating

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- California Statewide Communities Dev Auth

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