The 'AAA/A-1+' rating on California Statewide Communities Development Authority's variable-rate demand multifamily housing revenue bonds (Aegis at Pleasant Hill project) series 1997H, issued on behalf of Aegis Assisted Living LLC, reflects the extremely strong credit and liquidity enhancement of the bonds through a Fannie Mae direct-pay credit enhancement facility. The credit facility is sized at principal plus 35 days' interest calculated at the maximum rate on the bonds. The bonds will initially bear interest at a weekly rate, but can be converted to a reset rate 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 bonds' rating. A mandatory...
Companies mentioned in this report are:
- California Statewide Communities Dev Auth
Action: New Rating
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