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Summary: California Statewide Communities Development Authority; Fannie Mae Direct Pay Jun 09 Product Image

Summary: California Statewide Communities Development Authority; Fannie Mae Direct Pay Jun 09

  • Published: June 2009
  • Standard & Poors

Abstract
The 'AAA' rating on California Statewide Communities Development Authority's multifamily housing revenue bonds series 2005GG, issued for the North Park Apartments Phase II project, has been affirmed in conjunction with the conversion of the project to permanent financing phase from the construction phase of the project. The rating reflects an irrevocable standby Fannie Mae credit enhancement facility for the mortgage loan backing two term bonds under the series, a principal A term and principal B term bonds (Fannie Mae receives implied support from the U.S. government and qualifies as 'AAA' eligible under Standard & Poor's Ratings Services rating criteria). The Fannie Mae credit facility enhances the mortgage loan for North Park Apartments Phase II. The credit facility provides for interest...

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

Action: Affirmed

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- California Statewide Communities Dev Auth

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