Summary: California Housing Finance Agency; Letter Of Credit

S&P Global Ratings assigned its 'A+/A-1' rating to the California Housing Finance Agency's limited obligation multifamily housing revenue subordinate bonds (Power Station Block 7B) 2024 Issue L-S. Our rating on the bonds reflects our ratings on Goldman Sachs Bank USA (A+/Stable/A-1), the letter of credit (LOC) provider, during the weekly interest rate mode (the rated mode). The LOC supports bonds when they are in the weekly mode only (the covered rate mode); therefore, our rating only applies during this mode. The LOC covers the entire principal balance and 34 days of interest accruals at a 12% maximum bond rate per year. We believe that during the covered rate, the coverage amount is sufficient to pay bond principal and maximum accrued

...S&P Global Ratings assigned its 'A+/A-1' rating to the California Housing Finance Agency's limited obligation multifamily housing revenue subordinate bonds (Power Station Block 7B) 2024 Issue L-S. Our rating on the bonds reflects our ratings on Goldman Sachs Bank USA (A+/Stable/A-1), the letter of credit (LOC) provider, during the weekly interest rate mode (the rated mode). The LOC supports bonds when they are in the weekly mode only (the covered rate mode); therefore, our rating only applies during this mode. The LOC covers the entire principal balance and 34 days of interest accruals at a 12% maximum bond rate per year. We believe that during the covered rate, the coverage amount is sufficient to pay bond principal and maximum accrued interest to the bondholders. In rating this transaction, we reviewed the credit, liquidity, legal, operational, and structural matters we considered relevant to our analysis, as outlined in our criteria....

Summary