The rating assigned to Cuyahoga County, Ohio's health care facilities revenue refunding bonds (Judson Retirement Community project) series 2000 is based on an irrevocable, direct-pay LOC provided by National City Bank. The LOC, which expires on Dec. 1, 2005, unless extended or earlier terminated pursuant to its terms, provides coverage for purchase price, principal of, and 51 days' of interest calculated at a maximum rate of 10%. The bonds will initially be offered at a weekly interest rate but may be converted to either a quarterly, semi-annual, medium term, or fixed interest rates upon satisfaction of certain conditions as set forth in the trust indenture. The bonds are also subject to optional and mandatory tenders as well as mandatory redemptions,
