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CALIFORNIA HOUSING FINANCE AGENCY $180.5 MILLION HOME MANAGEMENT REVENUE BONDS RATED 'AA/NR' BY FITCH -- FITCH FINANCIAL WIRE --

CALIFORNIA HOUSING FINANCE AGENCY $180.5 MILLION HOME MANAGEMENT REVENUE
 BONDS RATED 'AA/NR' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Dec. 4 /PRNewswire/ -- California Housing Finance Agency's Home Mortgage Revenue Bonds, $60.2 million 1991 Series F and $120.2 million 1991 Series G are rated 'AA/NR' by Fitch. The 'AA/NR' rating on the 1991 Series E is affirmed. The credit trend is stable. The bonds are secured on parity with $3.1 billion of outstanding debt issued under a master indenture.
 The underlying strength of the program's large, diversified mortgage portfolio and the deep levels of primary and/or pool mortgage insurance remain key credit factors. Of the mortgages to be originated with proceeds of the current and other recent bond offerings, 80-90 percent are expected to be fully insured by FHA. The FHA-insured portion has grown significantly, now accounting for three-quarters of the portfolio, and that trend is expected to continue. The program's favorable portfolio performance and financial position, and the pledge of supplemental security are additional positive credit factors.
 Credit concerns center primarily on California's weakened economy and real estate market and the somewhat flexible security provisions of the master indenture. However, the portfolio's diversity, growing concentration of full mortgage insurance, and the agency's conservative operating history mitigate the associated risks.
 The Series F term bonds due Aug. 1, 2013 and the Series G term bonds due Aug. 1, 2019 are tender option term bonds. However, the agency is not a party to the tender option agreement and has no obligation to meet the demand features associated with these bonds. Accordingly, Fitch expresses no opinion as to the creditworthiness of the tender option features.
 -0- 12/4/91
 /CONTACT: Vincent J. Barberio of Fitch, 212-908-0505/ CO: California Housing Finance Agency ST: California IN: FIN SU: RTG SM -- NY083 -- 9364 12/04/91 16:31 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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