California Statewide Communities Development Authority; Affordable Housing Sep 09

Published: September 2009
Standard & Poors

Abstract
Standard & Poor's Ratings Services affirmed its 'A' and 'BBB' long-term ratings on California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Citrus Gardens Apartments project), series 2002D-1 and 2002D-3 bonds, respectively. The outlook is stable. The affirmation reflects our opinion of the following strengths: Debt service coverage level of 1.43x maximum annual debt service (MADS) on the senior bonds and 1.29x on junior bonds, based on 2008 audited financial statements; Increase in net rental revenues by 4%; Stable occupancy levels at the property; and Debt service reserve fund (DSRF) funded at 12 months' MADS. However, the above strengths are partially offset by our view of: An increase in annual expenses, leading to a higher expense ratio; and Loan-to-value...

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

Action: Affirmed

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- California Statewide Communities Dev Auth

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