The rating on El Paso County, Colo.'s bonds reflects the high credit quality of the assets supporting the issue as well as sufficient assets and revenues to pay debt service and expenses for the life of the issue. These assets will be GNMA and FHLMC mortgage pass-through securities and 'AAA' rated investment securities. GNMA and FHLMC mortgage-backed securities qualify as - AAA' eligible securities under Standard & Poor's rating criteria. During the acquisition period, bond proceeds will be invested in an investment agreement in an investment agreement with Bayerische Landesbank Girozentrale ('AAA'). The agreement will pay interest at the rate of 3.25% and this rate will step up to 6.15% on Aug. 1, 1997. The agreement terminates on Nov. 30,...
Companies mentioned in this report are: El Paso Cnty
Action: New Rating
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