The rating assigned to Maricopa County Industrial Development Authority's variable-rate demand solid waste disposal revenue bonds (Ambian Dairy LLC project) series 2008 is based on the irrevocable, direct-pay confirming letter of credit (LOC) that CoBank ACB provides. The rating applies to the bonds when they're in the variable interest rate mode (see Structural Overview). The long-term rating reflects the likelihood of repayment of principal and interest to maturity based primarily on CoBank's credit support. Standard&Poor's has not rated the likelihood of repayment based on the availability of the confirming LOC for optional and mandatory tenders. The LOC provides coverage for all principal and interest for 109 days at a maximum rate of 10% per year based on a
