NY -- Standard&Poor's CreditWire 7/15/98 -– Standard&Poor's today assigned its single-'A' underlying rating (SPUR) to Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds (Stanford Court Apartments Project) series 1998A dated July 1, 1998 due July 1, 2028. The bonds are expected to receive a triple-'A' rating based on bond insurance. The rating reflects: -- A well-maintained family apartment complex with an affordable and slightly competitive rental structure; -- A broad and expanding Phoenix, Ariz. economy with solid growth indicators; -- Good project ownership by Union Court, L.L.C. and management by Kay Kay Realty Corp.; -- Strong projected cash flows reflecting a coverage of maximum annual debt service on senior bonds at 1.50 times (x);
