The rating on Maricopa County Industrial Development Authority, Ariz.'s series 2002A-1 and 2002A-2 bonds reflects the extremely strong credit and liquidity enhancement of the bonds through a Fannie Mae direct pay credit enhancement facility. The series 2002A-1 bonds are issued to refund previously issued bonds, which provided financing with respect to the multifamily rental property called San Martin Apartments. The bonds used to fund the refinanced mortgage on the project will be secured by a Fannie Mae direct pay credit enhancement facility, through which Fannie Mae will make all regularly scheduled payments of principal and interest due on the bonds. Under this structure, the trustee is instructed to draw on Fannie Mae one day prior to each bond interest payment
