The rating on Cuyahoga County Ohio's bonds reflects: Sufficiency of revenues and investment earnings to pay full and timely debt service on the bonds until maturity, Fully funded reserve fund to meet liquidity shortfalls in the event of a mortgage default, Investments held in 'AAAm' rated Pegasus Treasury Cash Management Fund, and Asset-to-liability ratio of 106.77% as of July 7, 1998. The bonds are secured by a collateral agreement provided by the FNMA. The collateral agreement provided by FNMA provides credit support by insuring timely and full mortgage payments of interest or principal and interest to the trustee. If the borrower misses a scheduled mortgage payment, FNMA makes the missed payment and subsequent mortgage payments. FNMA is a U.S. government-sponsored
