Standard & Poor's Rating Services affirmed its 'AAA' rating on El Paso County, Colo.'s single-family mortgage revenue bonds series 2000 and removed the rating on the bonds from CreditWatch with negative implications where it was placed on March 15, 2005. The bonds receive partial credit support in the form of a guaranteed investment contract provided by AIG Matched Funding Corp. (guaranteed by American International Group Inc.) for the bonds' revenue fund. Despite the downgrade of AIG's long-term rating to 'AA' from 'AA+', the rating was affirmed at 'AAA' based on El Paso's ability to optionally terminate the guaranteed investment contract upon a downgrade of AIG without adversely affecting the county's ability to pay debt service on the bonds. Cash flows...
Companies mentioned in this report are: El Paso Cnty
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