S&P: Eagle Yucaipa 55 L. P. $10 Million Bonds 2018 Series A Assigned 'AA+/A-1+' Rating

S&P Global Ratings today assigned its 'AA+/A-1+' rating to Eagle Yucaipa 55 L. P.'s $10.00 million taxable variable-rate demand multifamily housing revenue bonds 2018 series A (for the Eagle Yucaipa project) due March 1, 2058.

The 'AA+/A-1+'' rating on the bonds reflects the higher of our ratings on the Federal Home Loan Bank of San Francisco ('AA+/A-1+'), the confirming letter of credit (CLOC) provider, and Preferred Bank (not rated), the fronting LOC (FLOC) provider, during the weekly interest rate mode (the rated mode).

The 'AA+' long-term component of our rating reflects the higher of our long-term issuer credit ratings on Preferred Bank and the Federal Home Loan Bank of San Francisco and addresses our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The 'A-1+' short-term component of our rating reflects the higher of our short-term issuer credit ratings on Preferred Bank and the Federal Home Loan Bank of San Francisco and addresses our expectation of full and timely interest and principal payments when the bondholders have exercised the put option. Although each bank fully supports the bonds' repayment when they are in the rated mode, we did not apply our joint-support methodology because we believe that Federal Home Loan Bank of San Francisco and Preferred Bank are too highly correlated, and we do not rate the FLOC provider (for more information on our joint-support methodology, see "Methodology And Assumptions For Rating Jointly Supported Financial Obligations," published May 23, 2016).

In view of the bond structure, changes to our rating on the bonds can result from, among other things, changes to our ratings on the LOC providers or amendments to the transaction's terms. We will maintain a rating on the bonds as long as they are in the rated mode and the LOCs have not expired or otherwise terminated. If either of these conditions changes, we will likely withdraw our rating on the bonds.
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