The 'AAA/A-1+' rating on Maricopa County Industrial Development Authority, Ariz.'s variable-rate demand multifamily housing revenue refunding bonds series 2004 (San Fernando Apartments project) is based on a Fannie Mae direct-pay credit enhancement facility. The credit facility is sized at principal plus 36 days' interest calculated at the maximum rate on the bonds for the initial interest payment date after bond closing. Thereafter, the credit facility will be sized principal plus at 34 days' interest calculated at the maximum rate on the bonds. The 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
