Standard&Poor's Ratings Services affirmed its 'AA+ (sf)/A-1+ (sf)' rating on Maricopa County Industrial Development Authority, Ariz.'s senior living facilities revenue refunding bonds, series 2005A, and its 'BBB (sf)' long-term rating on the authority's subordinate senior living facilities revenue refunding bonds series, 2005B. The series 2005A bonds are secured by a Fannie Mae direct-pay credit facility, while the series 2005B bonds are secured by a subordinate lien on senior housing projects Fellowship Square-Phoenix, Oasis Assisted Living-Phoenix, and Fellowship Square-Mesa. The outlook on the series 2005A bonds is negative, while the outlook on the series 2005B bonds is stable. The affirmation of the rating on the series 2005A bonds reflects the very strong credit quality of the Fannie Mae direct
