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Summary: California Dept of Vet Affairs; General Obligation, Special District; Revenue - Housing, Convertible Option Bonds; Revenue - Housing, Single Family Whole Loan Oct 99 Product Image

Summary: California Dept of Vet Affairs; General Obligation, Special District; Revenue - Housing, Convertible Option Bonds; Revenue - Housing, Single Family Whole Loan Oct 99

  • Published: October 1999
  • Standard & Poors

Abstract
The rating on the California Department of Veterans' Affairs GO bonds and home purchase revenue bonds reflects the following strengths: Good-performing assets in the Veterans' Farm and Home Building Fund of 1943 (1943 fund), represented by contracts of purchase and investments; The successful implementation of programmatic changes, which effectively reduce the risk of losses for the program and help sustain the program's long-term viability; The resiliency of the consolidated cash flows through various stress scenarios simulating different prepayment and loss scenarios; and The program's good investments and structure. Concerns include a decrease of $4 million in retained earnings for 1999 and an interest rate mismatch of the assets to the liabilities. Offsetting these concerns are successful programmatic and financial steps...

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

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California Dept of Vet Affairs

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