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

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

  • Published: March 2012
  • Region: California
  • Standard & Poors

Abstract
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

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- California Statewide Communities Dev Auth

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