The rating on Bexar County Housing Finance Corp., Texas' bonds reflects the extremely strong credit enhancement of the mortgage backing the bonds through a Fannie Mae credit enhancement facility and 'AAA' rated investments. The 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 mortgage note. Under this structure, the trustee is instructed to draw on Fannie Mae one day prior to each bond interest payment date; hence there is no lag. The credit facility also covers payments necessary to purchase tendered bonds resulting from a failed remarketing. The credit facility is an unconditional and irrevocable obligation...
Companies mentioned in this report are: Bexar Cnty Hsg Fin Corp
Action: New Rating
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