The affirmed 'A' rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue refunding bonds, series 1998 A and B (Coral Point Apartments), reflects: Release of $8.8 million in the collateral fund held by the trust estate and substitution of new collateral in the form of an 80-unit multifamily property called Jackson Park Place II in Fresno, Calif.; A first mortgage lien on the existing and newly substituted properties, which are pledged to the trust estate; Coverage of 2.07x maximum annual debt service (MADS) on the rated bonds as of Dec. 31, 2005, and; Strong ownership by an affiliate of America First Company. The bonds were secured by a first mortgage lien on Coral Point Apartments, a multifamily development
