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Summary: Bexar Cnty Hsg Fin Corp, TX; Housing, Single Family GNMA May 03 Product Image

Summary: Bexar Cnty Hsg Fin Corp, TX; Housing, Single Family GNMA May 03

  • ID: 2028474
  • May 2003
  • Standard & Poors

Abstract
The 'AAA' rating on Bexar County Housing Finance Corp., Texas' single-family mortgage revenue bonds, taxable series 2003C reflects: Extremely strong collateral backed by Ginnie Mae MBS, Extremely high quality of investments, and Sufficient assets and revenues to pay debt service and expenses until bond maturity. Bond proceeds will be used to refund all but $50,000 of the previously issued series 1987A bonds on June 16, 2003. The remaining $50,000 of series 1987A bonds will be transferred to the series 2003C trust indenture as unrated, subordinate bonds. The existing Ginnie Mae MBS from the series 1987A will be transferred to the series 2003C trust indenture upon closing of the bonds. Ginnie Mae MBS are backed by the full faith and credit...

Companies mentioned in this report are: Bexar Cnty Hsg Fin Corp
Action: New Rating

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