Summary: Ratings On 11 Transamerica Life Insurance Co.-Backed Issues Lowered To 'AA-'; FNMA Collateral Agreement; Multifamily FHA Insurance; Multifamily GNMA; Single Family Multiple MBS Apr 09

Standard & Poors, April 2009

Abstract
Standard & Poor's Ratings Services lowered its ratings on 11 housing bond issues to 'AA-' from 'AA' and removed them from CreditWatch with negative implications where they were placed on March 12, 2009. These actions follow Standard & Poor's downgrade of Transamerica Life Insurance Co. to 'AA-/A-1+' from 'AA/A-1+' and its subsequent removal from CreditWatch with negative implications. Included are the long-term ratings on seven housing bonds and four Standard & Poor's underlying ratings (SPURs). All of the affected issues receive partial support in the form of guaranteed investment contracts or investment agreements from Transamerica Life Insurance Co. (AA-/A-1+). Three of the four issues where the SPUR was lowered are bond insured with Financial Security Assurance Inc. (AAA/Watch Neg). The...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth
- Transamerica Life Insurance Co.

Action: Downgraded

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
- Transamerica Life Insurance Co.

Customers who bought this item also bought

• Results that Matter. Improving Communities by Engaging Citizens, Measuring Performance, and Getting Things Done
• China Aged Care Service Industry Report, 2011-2012
• China Aged Care Service Industry Report, 2011-2012
• Private Tutoring - Global Strategic Business Report
• Slovenia Defence and Security Report Q1 2012
• Interpersonal Boundaries in Teaching and Learning. New Directions for Teaching and Learning, Number 131. J-B TL Single Issue Teaching and Learning
• Israel Life Sciences Market Analysis
• Working Americans 1880-2012 Volume I: The Working Class, Second Edition
• Stepping Up to Stepping Out: Helping Students Prepare for Life After College. New Directions for Student Services, Number 138. J-B SS Single Issue Student Services
• Charter Schools - Global Outlook