PubFinCriteria_2006_part1_final1.qxp
sources (e.g., a general obligation pledge and rev- enue from water and sewer charges). Short-term and dual ratings Jointly supp ...
Municipal Applications For Joint Support Criteria http://www.standardandpoors.com 221 AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- AAA A ...
Legal And Structural Considerations The joint-support criteria are only applicable when the obligation is legal, valid, and enfo ...
Forward Purchase Contracts and ‘AAA’ Defeased Bonds ................................................ S tandard & Poor’s Rati ...
against the escrow fund and waives any rights it may have to enforce the obligations of the issuer to the FPC provider from any ...
Secondary-Market Derivative Products ............................................................................ http://www.sta ...
of receipts are created—a synthetic floater receipt with a tender option and a residual interest receipt. The synthetic floaters ...
Such a mismatch can result in the underlying obli- gations not accruing sufficient interest due to the occurrence of a prepaymen ...
the liquidity facility in accordance with its terms in the event that remarketing proceeds are insufficient to pay the purchase ...
the difference between the interest generated by the bonds and the auction rate and any applicable fees. Moreover, inverse float ...
R atings on tax-exempt housing bonds rely on the following factors: ■Credit quality of mortgage collateral, including credit qua ...
that reduce the amount of equity a borrower has in the property will have an impact in the assess- ment of overall losses. Portf ...
Primary or loan-specific insurance This can take one of three forms: conventional PMI provided by rated mortgage insurers; guara ...
This will ensure the immediate availability of funds upon a mortgage default. As this coverage provides liquidity, it can be fun ...
Standard & Poor’s will review the agency’s intended investment of these monies, including the quality and liquidity of propo ...
portfolio. For a senior/subordinated structure, Standard & Poor’s must determine if there is a bona fide distinction between ...
Depending on the structure of each transaction, other cash flow scenarios may be needed. Such runs may include, but are not limi ...
30-year loans prepaying at the appropriate rapid speed in accordance with the rating, assuming there are no prepayments on the 4 ...
Housing 238 Standard & Poor’s Public Finance Criteria 2007 Large State Small State/Large County Small County/City Foreclosur ...
Single-Family Whole Loan Programs http://www.standardandpoors.com 239 Gauranty Claim Large State Small State/Large County Small ...
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