The 'AAA' rating on Louisiana Public Facilities Authority's FHLMC collateralized multifamily housing bonds series 1989A (Walmsley Housing Corp. project) reflects: A FHLMC mortgage pass-through certificate, The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity, Investments held in a 'AAA' guaranteed investment contract, and An asset-to-liability ratio of 104.82% as of Feb. 27, 2004. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of a FHLMC mortgage pass-through certificate, which is 'AAA' eligible under Standard&Poor's Ratings Services rating criteria. The reserve funds are invested pursuant to a guaranteed investment contract with 'AAA' rated Bayerische
