The 'AAA' rating on El Paso County, Colo.'s multifamily housing revenue bonds series 2000A and 2000B (Constitution and Canada Apartments) has been affirmed. The bonds are secured by a Ginnie Mae mortgage-backed security. Other rating factors in our opinion include: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity, Extremely strong investment quality, and An asset-to-liability ratio of 105.64% as of Jan. 26, 2009. The bond proceeds were used to finance the acquisition and construction of a 180-unit multifamily housing project knows as the Constitution and Canada Apartments for low- and middle-income families. Bond debt service is paid semiannually, each March 20 and Sept. 20....
Companies mentioned in this report are: El Paso Cnty
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