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Summary: California; Appropriation, General Obligation Equivalent Security; Housing, Single Family Whole Loan Jul 03 Product Image

Summary: California; Appropriation, General Obligation Equivalent Security; Housing, Single Family Whole Loan Jul 03

  • Published: July 2003
  • Region: California
  • Standard & Poors

Abstract
The 'AA-' ratings on California's Veterans GO bonds and the California Department of Veterans Affairs' home purchase revenue bonds are affirmed following a placement of California's GO bond rating of 'A' on CreditWatch with negative implications. The rating on the Veterans GO bonds and home purchase revenue bonds continues to reflect 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. Standard & Poor's Ratings Services will continue to monitor the relationship between the veterans mortgage programs and the state's cash flow. Credit strengths of the 1943 Fund include: The overall quality of the contracts of purchase and investment securities; The successful implementation by...

Companies mentioned in this report are:
- California
- California Dept of Vet Affairs

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 READ MORE >

- California
- California Dept of Vet Affairs

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