Summary: Fulton Cnty Hsg Auth, GA; Housing, Single Family GNMA Jul 04

Standard & Poors, July 2004

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA' rating on the Housing Authority of Fulton County, Ga., single-family mortgage revenue bonds Ginnie Mae mortgage backed securities program, series 1996 A. The bonds are secured by Ginnie Mae mortgage pass-through certificates. Other rating factors are: 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 pursuant to a guaranteed investment contract with Bayerische Landesbank, rated 'AAA'. An asset-to-liability ratio of 107.27% as of March 2, 2004. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of Ginnie Mae guaranteed mortgage pass-through certificates, which are 'AAA'...

Companies mentioned in this report are: Fulton Cnty Hsg Auth,Bayerische Landesbank
Action: Affirmed

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Fulton Cnty Hsg Auth,Bayerische Landesbank

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