NEW YORK (Standard&Poor's) Oct. 15, 2002--Standard&Poor's Ratings Services has placed its single-'A'-minus underlying rating (SPUR) on Maricopa County Industrial Development Authority, Ariz.'s $23 million multifamily series 1999A housing revenue bonds on CreditWatch with negative implications. The key factor driving the rating action is the possibility that debt service coverage on the senior, rated bonds may have dropped. This is suggested by the owner's report that Maricopa may draw on the debt service reserve fund for the subordinate, unrated bonds (series B) in order to pay debt service on those bonds. Additionally, the owner has reported very low occupancy at the project. Standard&Poor's has not yet received financial statements, and so cannot confirm the current
