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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 (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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- California Statewide Communities Dev Auth

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