Summary: California Statewide Comntys Dev Auth; Public Finance Structured, Guaranteed Invstmnt Contract/Invstmnt Agreement Jun 05

Standard & Poors, June 2005

Abstract
The affirmed 'AA-/A-1+' rating on California Statewide Community Development Authority's multifamily housing revenue bonds, series 2005I, issued for the Crossings Senior Apartments project, reflects the substitution of the security for the bonds to a direct pay letter of credit (LOC) from Citibank NA ('AA/A-1+'). The LOC will be in effect as of July 7, 2005, at which point the rating on the bonds will be changed to reflect the rating of the LOC provider. The LOC will provide coverage for principal plus 35 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. The LOC must provide sufficient interest...

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

Action: Affirmed

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California Statewide Communities Dev Auth

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