California Statewide Communities Development Authority; Letter of Credit Jul 12

Standard & Poors, July 2012

Abstract
Standard & Poor's Ratings Services has assigned its 'AA+/A-1+' rating to California Statewide Communities Development Authority's variable-rate demand multifamily housing revenue bonds series 2012B, issued for the Encanto Homes Apartment Project. The 'AA+' long-term component of the rating is based on the irrevocable standby letter of credit (LOC) provided by Federal Home Loan Bank of San Francisco (AA+) and reflects our opinion of the likelihood that bondholders will receive interest and principal payments when due if they do not exercise the put option. The 'A-1+' short-term component of the rating is based on the short-term component of the issuer credit rating on Federal Home Loan Bank of San Francisco and reflects our opinion of the likelihood that bondholders will receive...

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

Action: New Rating

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

- California Statewide Communities Dev Auth

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