The rating on Maricopa County Industrial Development Authority, Ariz.'s variable-rate demand multifamily housing revenue bonds reflects: Extremely strong credit enhancement of the mortgage backing the bonds through a Fannie Mae credit enhancement facility; and 'AAA' rated investments. Upon bond closing, Fannie Mae will provide a direct pay credit enhancement facility, through which it will make all regularly scheduled payments of principal and interest due on the mortgage. Under this structure, the trustee is instructed to draw on Fannie Mae one day before each bond interest payment date; hence there is no lag in this structure. The credit facility also covers payments necessary to purchase tendered bonds resulting from a failed remarketing. The credit facility will expire five days following bond
