S&P Corrects Ratings On Two Texas Veterans Land Board's Series 2004 GO Bonds To 'AA+/A-1+' And 'AA+/A-1' Jan 12
- Language: English
- Published: January 2012
- Region: Texas
The ratings on California's Department of Veterans' Affairs home purchase revenue bonds 2003 series A and outstanding home purchase revenue bonds and veterans GO bonds reflects the State of California's GO bond rating of 'BBB', the overall credit strength of the Veterans Farm and Home Building Fund of 1943 (1943 Fund) and the historical track record of the veterans mortgage program. The 1943 Fund retains the following credit strengths: The overall high quality of the contracts of purchase and investment securities, The successful implementation by management of programmatic changes that effectively reduce the risk of losses under the program and help sustain long-term viability, and The resiliency of the cash flow projections. An interest rate mismatch between the fund's assets...
Companies mentioned in this report are: California Dept of Vet Affairs
Action: New Rating
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California Dept of Vet Affairs