Summary: El Paso County, Colorado; Single Family GNMA Jul 10

Standard & Poors, July 2010

Abstract
Standard & Poor's Ratings Services removed its 'AAA' rating on El Paso County, Colo.'s single-family mortgage revenue bonds series 1981A from CreditWatch with negative implications. At the same time, the rating was affirmed. On May 12, 2010, it was included in a rating action where we placed certain housing issues on CreditWatch with negative implications due to revised methodology for certain Federal Government-Enhanced housing transactions. Standard & Poor's received information that this issue has been defeased, with U.S. government obligations to be redeemed on Sept. 1, 2012, and therefore, in our opinion, it is not reliant on the fluctuations in investment earnings USPF Criteria: Defeasance, June 26, 2007...

Companies mentioned in this report are: El Paso Cnty
Action: Affirmed
Action: Removed From CreditWatch

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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.

El Paso Cnty

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