Bangkok--6 May--Standard & Poor's
Standard & Poor's Ratings Services today corrected its rating and outlook on California Housing Finance Agency's (CalHFA) home mortgage revenue bonds, series 2000Z, 2001O, and 2002C, by lowering the rating to 'AA-' from 'AAA/Negative', and by placing the rating on CreditWatch with positive implications.
The incorrect rating of 'AAA' assigned to the issues on Feb. 6, 2002, and negative rating outlook assigned to the issues on April 21, 2009, were due to a data entry error whereby the incorrect bond insurer (FSA) was entered instead of the correct bond insurer (National Public Finance Guarantee Corp., formerly known as MBIA Insurance Corp. of Illinois). The placement of the rating on CreditWatch with positive implications reflects that of National Public Finance Guarantee Corp. (AA-/Watch Dev).
RELATED RESEARCH
-- USPF Criteria: "Single-Family Whole Loan Programs," June 14, 2007
-- USPF Criteria: "Review Of Investment Agreements For Municipal Revenue Bond Financings," June 26, 2007
-- USPF Criteria: "Bank Liquidity Facilities," June 22, 2007
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Karen Fitzgerald, San Francisco (1) 415-371-5023
Lawrence Witte, San Francisco (1) 415-371-5037