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California Statewide Communities Development Authority Revenue Bonds Rated 'AAA/A-1+' Jan 01
Standard & Poors, Jan 2001
Abstract
SAN FRANCISCO (Standard & Poor's CreditWire) Jan. 18, 2001--Standard & Poor's today assigned its triple-'A'/'A-1'-plus ratings to the California Statewide Communities Development Authority's $17.25 million variable rate demand multifamily housing revenue bonds. The bonds are scheduled to sell on Jan. 25, 2001. The ratings reflect a direct-pay credit enhancement facility provided by Fannie Mae, which supports the mortgage backing the bonds. Fannie Mae is a U.S. government sponsored agency whose payment ability is assessed triple-'A'/'A-1'-plus by Standard & Poor's. Bond proceeds will finance the acquisition of three elderly housing developments in Azusa, Pomona, and Ontario, California. One mortgage loan for all three properties will be delivered to the trust estate at closing and will be enhanced by a Fannie Mae...
Companies mentioned in this report are: 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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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