Summary: Cuyahoga County, Ohio Euclid Avenue Housing Corp.

Standard&Poor's Ratings Services assigned its 'A+/A-1' rating to Cuyahoga County, Ohio's housing revenue bonds series 2009A and 2009B, issued on behalf of Euclid Avenue Housing Corp. Project. The rating reflects the rating of an unconditional and irrevocable direct-pay credit facility provided by PNC Bank Pittsburgh, Pa. (PNC). PNC is rated 'A+/A-1'. The credit facility is sized at principal plus 34 days' interest calculated at the maximum rate of 10% on the bonds. The interest component of the facility automatically reinstates at the time of a drawing. The bonds will initially bear interest at a weekly rate mode. During the weekly rate mode, bondholders have the option to tender their bonds for purchase upon providing seven days' notice to

...Standard & Poor's Ratings Services assigned its 'A+/A-1' rating to Cuyahoga County, Ohio's housing revenue bonds series 2009A and 2009B, issued on behalf of Euclid Avenue Housing Corp. Project. The rating reflects the rating of an unconditional and irrevocable direct-pay credit facility provided by PNC Bank Pittsburgh, Pa. (PNC). PNC is rated 'A+/A-1'. The credit facility is sized at principal plus 34 days' interest calculated at the maximum rate of 10% on the bonds. The interest component of the facility automatically reinstates at the time of a drawing. The bonds will initially bear interest at a weekly rate mode. During the weekly rate mode, bondholders have the option to tender their bonds for purchase upon providing seven days' notice to the trustee. The bonds may be converted to other modes of interest, which include the flexible rate mode, the term mode, and the fixed interest rate mode. Prior to converting to any other mode, the bonds are subject to mandatory tender. Conversion...

Summary