Standard & Poor's Ratings Services lowered its rating on the following 11 housing bonds to 'B' from 'BB+', following our Dec. 22, 2010, downgrade of the rating on MBIA Insurance Corp. to 'B' from 'BB+' on Dec. 22, 2010:
- Alameda Housing Authority, Calif.'s multifamily housing revenue refunding bonds (Ginnie Mae collateralized - Independence Plaza Apartments) series 1998A
- Denver City and County, Colo.'s Fannie Mae collateralized multifamily housing revenue bonds (Capitol Heights Apartments) series 1999
- Denver City and County's multifamily housing revenue bonds (FHA-insured mortgage loan - Boston Lofts Project) series 1997A and 1997B
- National City Community Development Commission, Calif.'s multifamily housing revenue bonds (Ginnie Mae collateralized - Park Villas Apartments) series 1997A and 1997A-T
- Nevada Housing Division's multi-unit housing revenue bonds (Austin Crest Project) series 1997
Nevada Housing Division's multi-unit housing revenue bonds (Diamond Creek Apartments Project) series 1999A
- Oswego County Industrial Development Agency, N.Y.'s civic facility revenue bonds (Seneca Hill Manor Project) series 1997
- San Jose, Calif.'s multifamily housing revenue bonds (FHA-insured mortgage loan - Sixth & Martha Family Apartments - Phase II) series 2001C
- San Jose, Calif.'s multifamily housing revenue bonds (Vill Pkwy Sr Apts) series 2001D
University City Industrial Development Authority, Mo.'s (Cantebury Gardens Project) bonds series 1995A
- Utah Housing Corp.'s multifamily housing mortgage revenue bonds (The Ridge At Jordan Landing Apartments Project) series 1999A and 1999B
All of the issues receive partial support in the form of guaranteed investment contracts or investment agreements from MBIA Insurance Corp. Should the issuer act to terminate, replace, or guarantee the existing agreements, and to provide cash flows that demonstrate the ability to make bond payment obligations without relying on the interest earnings from the investment agreements, Standard & Poor's will take appropriate rating action.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Review Of Investment Agreements For Municipal Revenue Bond Financings, June 26, 2007
Complete ratings information is available to RatingsDirect subscribers on the Global Credit Portal at www.globalcreditportal.com and 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. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
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Analyst Contacts:
Renee J Berson, New York (1) 212-438-7966
Lawrence Witte, San Francisco (1) 415-371-5037