Summary: California Statewide Communities Development Authority; FNMA Collateral Agreement Mar 12

  • ID: 2084936
  • March 2012
  • Region: California
  • Standard & Poors
1 of 3

Standard & Poor's Ratings Services affirmed its 'AA+' long-term rating on California Statewide Communities Development Authority's (Pioneer Gardens Apartments) multifamily housing revenue refunding bonds series 2001E and 2001E-T. The outlook is negative. The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The rating reflects our view of: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The high credit quality of the Fannie Mae collateral agreement, which we consider to be 'AA+' eligible; Extremely strong investment quality; and An asset-to-liability ratio of 104.52% as of Dec. 31, 2011. The rating also reflects the sovereign rating on the...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth

Action: Affirmed
Action: Outlook: Negative

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 READ MORE >

Note: Product cover images may vary from those shown
2 of 3

- California Statewide Communities Dev Auth

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown




Our Clients

  • Fluidigm Corporation
  • Apple, Inc.
  • CEVA Santé Animale
  • Abbott Laboratories Ltd.
  • Merck Group
  • Allergan Inc.
  • Pfizer Inc.