Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Industrial Development Authority of the County of Maricopa, Ariz.'s series 2004B single-family mortgage revenue bonds and Phoenix Industrial Development Authority, Ariz.'s series 2004A single-family mortgage revenue bonds. The outlook is negative on both series. Each series is secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates. The ratings continue to reflect our view of: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The extremely strong investment quality; and The 100.23% asset-to-liability ratios (for both issues) as of March 31, 2013. The rating also reflects the sovereign rating on the U.S. (AA+/Negative).
