The 'A' Standard&Poor's underlying rating (SPUR) on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds series 1998A (Stanford Court Apartments Project) has been affirmed. Simultaneously, Standard&Poor's has assigned the bond rating a stable outlook based on its reported performance through June 2002, despite the overall softening of the Phoenix multifamily market. The bonds were issued on behalf of the Carleton Club Apartments (formerly know as Stanford Court Apartments) project, an affordable multifamily housing development in Phoenix, Ariz. Standard&Poor's review of audited financial statements for fiscal 2001 and unaudited figures for 2002 (through June 30, 2002) indicates that the property supported debt service at coverage levels of 1.51 times (x) and 1.52x for
