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

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

  • ID: 2044905
  • October 2004
  • Region: California
  • Standard & Poors

Abstract
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

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 READ MORE >

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- California Statewide Communities Dev Auth

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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