Summary: California Statewide Communities Development Authority; Escrow; Freddie Mac Direct Pay Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to California Statewide Communities Development Authority's series 2009A-14 affordable multifamily housing revenue bonds and series 2011A multifamily housing revenue bonds, issued on behalf Forestwood at Folsom, based on the delivery of a direct-pay credit enhancement agreement provided by Freddie Mac ('AAA/A-1+'). At the same time, we affirmed our 'AAA' rating on the authority's series 2009A affordable multifamily housing revenue bonds. The 2009A-14 bonds are a subset of the 2009A bonds (New Issue Bond Program). As money from 2009A is moved to specific projects, the amount of money in escrow declines. The series 2009A-14 bonds consist of $4.55 million in program bonds owned by the U.S. Treasury. The series 2009A bonds...

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

Action: Affirmed
Action: New Rating

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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

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