New Issue: Public Finance Authority (Series 2015)

Standard&Poor's Ratings Services assigned its 'AA+/A-1+' rating to the Public Finance Authority's (the issuer's) $20.9 million taxable variable-rate demand multifamily housing revenue bonds series 2015 (for the Affinity At Monterrey Village Project) due Aug. 1, 2048. The 'AA+/A-1+' rating on the bonds reflects the higher of our ratings on the Federal Home Loan Bank of San Francisco (FHLB SF; 'AA+/A-1+'), the confirming letter of credit (CLOC) provider, and East West Bank ('BBB+/A-2'), the fronting LOC (FLOC) provider, during the weekly interest rate mode (the rated mode). The 'AA+' long-term component of our rating reflects the higher of our long-term issuer credit ratings on East West Bank and FHLB SF and addresses full and timely interest and principal payments

...Standard & Poor's Ratings Services assigned its '##+/A-1+' rating to the Public Finance Authority's (the issuer's) $20.9 million taxable variable-rate demand multifamily housing revenue bonds series 2015 (for the Affinity At Monterrey Village Project) due Aug. 1, 2048. The '##+/A-1+' rating on the bonds reflects the higher of our ratings on the Federal Home Loan Bank of San Francisco (FHLB SF; '##+/A-1+'), the confirming letter of credit (CLOC) provider, and East West Bank ('###+/A-2'), the fronting LOC (FLOC) provider, during the weekly interest rate mode (the rated mode). The '##+' long-term component of our rating reflects the higher of our long-term issuer credit ratings on East West Bank and FHLB SF and addresses full and timely interest and principal payments when the bondholders have not exercised the put option. The 'A-1+' short-term component of our rating reflects the higher of our short-term issuer credit ratings on East West Bank and FHLB SF and addresses full and timely interest...

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