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California Statewide Communities Development Authority; Affordable Housing Feb 12
Standard & Poors, Feb 2012
Abstract
Standard & Poor's Ratings Services corrected its long-term rating to 'BB+' (sf) from 'BB-' (sf) on California Statewide Communities Development Authority's series 2002E-1 (Quail Ridge Apartments project) senior multifamily housing revenue refunding bonds. At the same time, Standard & Poor's corrected its long-term rating to 'BB-' (sf) from 'B' (sf) on the authority's series 2002E-3 (Quail Ridge Apartments project) subordinate multifamily housing revenue refunding bonds. The outlook on all bonds is negative. Pursuant to our criteria, we do not include capitalized expenditures in the calculation of debt service coverage (DSC). However, we incorrectly included capitalized expenditures when calculating DSC in our November 2011 review. The corrected ratings reflect the correct calculation of DSC. In addition, subsequent to our review in...
Companies mentioned in this report are: California Statewide Communities Dev Auth,Lloyd's
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 holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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