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Bay Vista at Meadow Park L.P., California California Statewide Communities Development Authority; Public Finance Structured, Letter of Credit Nov 03
Standard & Poors, Nov 2003
Abstract
The 'AA/A-1+' rating on the California Statewide Communities Development Authority's multifamily housing revenue bonds, series 2003 NN-1, issued on behalf of the Bay Vista at Meadow Park L.P., is based on a direct-pay LOC issued by Wells Fargo Bank N.A. ('AA/A-1+'). The scheduled expiration date of the LOC is Jan. 15, 2007. The bonds can bear interest in an initial, daily, weekly, reset, and fixed rate mode. The initial LOC will provide payments for regularly scheduled principal and interest payments, as well as for unremarketed tendered bonds, for a maximum of 44 days of interest at 12% annually in the weekly and daily rate mode and up to 210 days in the initial, reset, and fixed-rate modes. Interest is automatically...
Companies mentioned in this report are: Bay Vista at Meadow Park L.P.,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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