SAN FRANCISCO (Standard & Poor's) March 29, 2002--Standard & Poor's today assigned its triple-'A'/'A-1'-plus rating to California Statewide Communities Development Authority's $25.5 million and $8.2 million variable-rate demand multifamily housing revenue bonds, series 2002C and 2002C-T, issued on behalf of KDF Communities. The bonds are scheduled to sell on April 5, 2002. The rating reflects the extremely strong credit and liquidity enhancement of the bonds through a Fannie Mae direct pay credit enhancement facility. The bonds are being issued to finance the acquisition and rehabilitation of a multifamily rental housing project (Valley Palms Apartments) located in San Jose, Calif. The bonds will be secured by a Fannie Mae direct pay credit enhancement facility, through which Fannie Mae will make all...
Companies mentioned in this report are:
- KDF Comntys
- California Statewide Communities Dev Auth
Action: New Rating
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