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

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+' long-term rating on California Statewide Communities Development Authority's (Claremont Village Apartments) multifamily housing revenue bonds series 2001D and 2001D-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 following: The high credit quality, of the Fannie Mae mortgage-backed security; which we consider to be 'AA+' eligible under our rating criteria; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until the initial remarketing date of June 1, 2016; Strong investment quality; and An asset-to-liability ratio of 110.81% as of Dec....

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

Action: Affirmed
Action: Outlook: Negative

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California Statewide Communities Dev Auth

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