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California Statewide Communities Development Authority; Affordable Housing Jan 07
Standard & Poors, Jan 2007
Abstract
The 'A' and 'BBB' ratings on California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Citrus Gardens Apartments project), series 2002 D-1 and D-3, were affirmed. The ratings reflect the following strengths: Strong debt service coverage at 1.56x on the senior bonds and 1.40x on the subordinate bonds; Increasing rents at the project; High occupancy, which averaged 98% in 2005; A fully funded debt service reserve fund (DSRF); and A growing economy and strong real estate market. These strengths are partly offset by the following weaknesses: A moderate overall rated loan to value (LTV) ratio of 84% on the bonds; and A significant increase in expenses, resulting in a higher expense ratio. The stable outlook reflects the quality of...
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.
Research Type: Full Analysis
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