The 'AA/A-1+' rating on Oklahoma County Finance Authority multifamily housing revenue bonds (Santa Fe Pointe Apartments project), series 2006A, reflects the sufficiency of the principal investment along with investment income to pay interest and principal due until the mandatory tender and remarketing date. Bond proceeds will be held in escrow account until the remarketing date. The escrow account will be held invested with Societe Generale ('AA/A-1+'). Upon the satisfaction of certain conditions established in the indenture, the bonds will be subject to mandatory tender on a date no earlier than Dec. 1, 2007, with no right for bondholders to retain their bonds. At that time, the bonds will be remarketed and converted to long term. The principal investment and investment...
Companies mentioned in this report are: Oklahoma Cnty Fin Auth
Action: New Rating
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