Standard&Poor's Ratings Services assigned its 'AAA' rating to 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, Standard&Poor's assigned its 'BBB' rating to the authority's subordinate senior living facilities revenue refunding bonds, series 2005B, which will be 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
