The rating on Hamilton County, Ohio's bonds is affirmed in anticipation of the delivery of the Fannie Mae pass-through certificate substituted for the Fannie Mae collateral agreement, which has served as credit enhancement since the bonds were initially issued. The pass-through certificate is expected to be issued on July 21, 1999, at which time the collateral agreement will terminate. Bond cash flows, which were originally delivered at closing, were confirmed as to their validity. The bonds are subject to mandatory tender on the initial remarketing date of Jan. 1, 2018. Standard&Poor's must reaffirm the rating on the bonds for the rating to be effective beyond the initial remarketing date. Cash flow runs, lagged to reflect the delayed receipt
