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

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

  • ID: 2047654
  • July 2003
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services has lowered its ratings on California's Veterans GO bonds and the California Department of Veterans Affairs' home purchase revenue bonds to 'A' from 'AA-', reflecting the change in California's GO bond rating to 'BBB' from 'A'. 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. 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...

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

Action: Downgraded

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 rating of READ MORE >

- California
- California Dept of Vet Affairs

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