Standard&Poor's Ratings Services affirmed its 'AAA' rating on Maricopa County Industrial Development Authority, Ariz.'s adjustable-rate senior living facilities revenue refunding bonds, series 2005A, issued on behalf of Christian Care's Fellowship Square-Phoenix, Oasis Assisted Living-Phoenix, and Fellowship Square-Mesa projects, reflecting the strong credit and liquidity enhancement of the bonds provided by a direct-pay credit facility from Fannie Mae. Additionally, we affirmed our 'BBB' rating on the authority's subordinate senior living facilities revenue refunding bonds, series 2005B. The series 2005B bonds are secured by a subordinate lien on the same three Christian Care projects and have no credit enhancement. The Fannie Mae facility on the series 2005A senior bonds is unconditional and irrevocable and provides both credit and liquidity coverage
