NEW YORK (Standard&Poor's CreditWire) March 25, 1999—-Standard&Poor's today assigned its triple-'A' rating to Maricopa County Industrial Development Authority, Ariz.'s $7.99 million GNMA-collateralized health facilities revenue bonds (Pennington Gardens Project) series 1999A and taxable series 1999B. The bonds are scheduled to sell April 1, 1999. The rating is based on: -- GNMA construction loan certificates (CLCs) during the construction period and a GNMA permanent loan certificate (PLC) to be delivered upon project completion and final endorsement of the underlying mortgage for FHA insurance; -- Coverage of all credit and liquidity shortfalls, including negative arbitrage, a 20-day payment lag, reinvestment risk, and payment of GNMA accrued interest; -- Cash flows demonstrating sufficient investment earnings and mortgage revenue passed-through
