S&P gives California Statewide Communities notes SP-1+

Standard & Poor's said it assigned its SP-1+ rating to California Statewide Communities Development Authority's tax-exempt series 2008A-1 tax and revenue anticipation notes based on the overcollateralization of the bonds' par amount at $41 million, or 15% of the principal amount of the series A-1 bonds, to address the possibility of debt service deficiencies in the 26 participating local agencies' individual TRAN repayment accounts securing the bonds.

The $273.535 million of notes are due on June 30, 2009.

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