Summary: NMS Properties, California California Statewide Communities Development Authority; Letter of Credit Nov 10

Standard & Poors, November 2010

Abstract
Standard & Poor's Ratings Services assigned its 'A-1' short-term rating to California Statewide Communities Development Authority's series 2010D variable rate demand multifamily housing revenue bonds (Lincoln Walk Apartments Project), issued on behalf of NMS Properties. The rating is based on a direct-pay letter of credit (LOC) provided by PNC Bank, N.A. (A+/A-1). The LOC is effective Nov. 10, 2010, and is sized at principal plus 35 days' interest calculated at the maximum rate on the bonds to cover regularly scheduled payments on the bonds and to purchase unremarketed bonds. Interest will be automatically reinstated following a draw and the LOC is scheduled to expire Jan. 3, 2013. Management indicates that following completion of the construction period and satisfaction of the...

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

Action: New Rating

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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.

- NMS Properties
- California Statewide Communities Dev Auth

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