Vacaville Redevelopment Agency, CA 2000A Bond Rating Placed On CreditWatch Negative Because Of Insufficient Information

SAN FRANCISCO (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings placed 
its 'A' rating on Vacaville Redevelopment Agency, Calif.'s series 2000A 
multifamily housing revenue and refunding bonds, issued for Vacaville 
Community Housing Inc.'s (VCH) Orchard and Willows apartments project, on 
CreditWatch with negative implications. 

"We are unable to complete our annual surveillance review because we haven't 
received the fiscal year 2018 audit, which is required to maintain our rating 
on the bonds," said S&P Global Ratings credit analyst Jose Cruz.

"Management has indicated that the 2018 audit may not be provided due to the 
transfer of ownership of the project to Eden Housing from VCH in October 2018, 
which could lead us to withdraw the rating on the bonds," Mr. Cruz continued. 
"Furthermore, during the CreditWatch period, we will analyze the structure of 
the transfer of ownership and the sale of the project to determine if we are 
able to maintain the rating on the bonds." 

Placing the rating on CreditWatch negative indicates that we could lower our 
rating on the bonds. S&P Global Ratings could suspend or withdraw the rating 
if the audit is not received during the CreditWatch period. We could also 
suspend or withdraw the rating following our review of the transfer of 
ownership of the project, and conclude that we are unable to maintain our 
rating on the bonds based on our criteria.
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