S&P Takes L.A. Single-Family Bonds Off CreditWatch

Saskal, Rich
December 2004
Bond Buyer;12/2/2004, Vol. 350 Issue 32021, p4
Trade Publication
The article reports that Standard &: Poor's yesterday removed from Credit- Watch $1.9 million of outstanding Los Angeles single-family mortgage revenue bonds, citing a resolution of a problem with the AAA-rated bonds. The debt was placed on CreditWatch with negative implications on November 18, because a trustee's error resulted in an overpayment for bonds that were redeemed, leaving a shortage of assets to support the debt service on outstanding bonds. The outstanding bonds are from a million mortgage revenue bond issue the city in 2000, which earned the giltedged rating through security provided by Ginnie Mae and Fannie Mae mortgage- backed securities.


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