The 'AAA/A-1+' rating on Maricopa County Industrial Development Authority, Ariz.'s $16.2 million variable rate demand multifamily housing revenue refunding bonds series 2003, issued for the San Miguel Apartments Project, reflects the strong credit and liquidity enhancement of the bonds through an unconditional and irrevocable direct pay credit facility provided by Fannie Mae. The credit facility is sized at principal plus 35 days' interest calculated at the maximum rate on the bonds. Bonds will initially bear interest at a weekly rate, but can be converted to a reset or fixed rate. If the bonds convert to the reset rate or the fixed rate, the credit facility must cover the number of days of interest required to maintain the rating on the
