NEW YORK (Standard&Poor's CreditWire) Aug. 29, 2000--Standard&Poor's today assigned its triple-'A/A-1'-plus rating to Maricopa County Industrial Development Authority, Ariz.'s $14.98 million variable-rate demand multifamily housing revenue bonds (Las Gardenias Apartment project) series 2000A due April 15, 2033. The bonds are expected to sell Aug. 30, 2000. The rating reflects: -- Extremely strong credit enhancement of the mortgage backing the bonds through a Fannie Mae credit enhancement facility; and -- Triple-'A' rated investments. Upon bond closing, Fannie Mae will provide a direct pay credit enhancement facility, through which it will make all regularly scheduled payments of principal and interest due on the mortgage. Under this structure, the trustee is instructed to draw on Fannie Mae one day
