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Summary: California Department of Veterans Affairs; Single Family Whole Loan Jan 12 Product Image

Summary: California Department of Veterans Affairs; Single Family Whole Loan Jan 12

  • Published: January 2012
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AA' rating to the California Department of Veterans Affairs' (CalVets) home purchase revenue bonds, series 2012A. We also affirmed our 'AA' long-term rating and underlying rating (SPUR) on CalVets' home purchase revenue bonds and veterans general obligation (GO) bonds outstanding. The outlook is stable. The rating on CalVets' bonds is primarily based on our opinion of the 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 rating also reflects our view of: The very high asset-to-liability parity of 110% as of July 1, 2011, and The resiliency of cash flow projections. Bond proceeds will be used to...

Companies mentioned in this report are: California Dept of Vet Affairs
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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California Dept of Vet Affairs

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