Printer Friendly

INDIO, CALIF., MULTIFAMILY MORTGAGE BONDS SERIES 1985 A&B RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 30 /PRNewswire/ -- Indio, Calif.'s Multifamily Mortgage Revenue Bonds (Carreon Villa Project) $5.4 million 1985 Series A and $5.4 million 1985 Series B are each rated 'F-1+' by Fitch. The ratings become effective on Aug. 15, 1993. Both issues are expected to be remarketed for an one-year interest rate reset period beginning Aug. 15 by Merrill Lynch as remarketing agent. The bonds are subject to mandatory redemption on Aug. 15, 1994.
 Each series of bonds is separately secured by identical direct-draw collateralized letters of credit from Redlands Federal Bank, California (formerly Redlands Savings and Loan Association). The letters of credit were issued at the time of the bonds' original issuance in 1985, prior to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), and expire on Aug. 15, 1997. The letters of credit are individually secured by separate collateral pools consisting of U.S. government securities. There are no cross default provisions between the governing documents of each series.
 Each series of bonds is ultimately secured by its respective collateral pool and the trustee's ability to liquidate it, if necessary. The ratings reflect the high quality and liquidity of securities pledge as collateral, the agreement by the bank to adopt and maintain overcollateralization levels that equal or exceed Fitch's requirements for the ratings, adequate legal structures and the execution of the letters of credit prior to FIRREA.
 -0- 7/30/93
 /CONTACT: Vincent J. Barberio of Fitch, 212-908-0505/


CO: ST: California IN: SU: RTG

WB -- NY038 -- 7743 07/30/93 12:26 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1993
Words:260
Previous Article:RBB EQUITY GROWTH & INCOME FUND, NO. 1 PERFORMER IN LIPPER CATEGORY, TO ELIMINATE SALES LOAD, CHANGE NAME TO WARBURG PINCUS GROWTH & INCOME FUND
Next Article:PRUDENTIAL HOME $258 MILLION MORTGAGE CERTIFICATES 1993-33 CLASS A 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters