Standard&Poor's Ratings Services affirmed its 'BBB-' Standard&Poor's underlying rating (SPUR), and stable outlook, on Maricopa County Industrial Development Authority, Ariz.'s correctional facilities contract revenue bonds. The SPUR continues to reflect the industry's inherent weaknesses, including exposure to the media's negative focus and swings in political climate. A nonguaranteed contract with the Arizona Department of Corrections that does not extend for the life of the bonds and may be terminated continues to present concerns. The SPUR also reflects: The state's annual appropriation risk, The long-term demand for the facility, and A single project and litigation risk. Loan payments made to the authority from the cash flow generated by the financed prison facility secure the bonds. The sole
