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Summary: California Statewide Communities Development Authority; FNMA Collateral Agreement Aug 10 Product Image

Summary: California Statewide Communities Development Authority; FNMA Collateral Agreement Aug 10

  • Published: August 2010
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services removed California Statewide Communities Development Authority, Calif.'s series 1998 multifamily housing revenue bonds (Santa Paula Village Apartments) from CreditWatch with negative implications where it was placed May 12, 2010. The outlook is not meaningful. At the same time, Standard & Poor's affirmed its 'AAA' long-term rating on the bonds. The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The rating reflects our view of the following: The extremely high credit quality, of the Fannie Mae mortgage backed security, which is considered to be AAA-eligible; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until...

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

Action: Affirmed
Action: Removed From CreditWatch

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- California Statewide Communities Dev Auth

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