The 'A' rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds series 1998A and 1998B (Coral Pointe Apartments and St. Andrews Apartments) reflects: Debt service coverage of 2.17x maximum annual debt service on the senior rated bonds as of Dec. 31, 2003, audited financial statements; First mortgage lien on the property; and Strong ownership by an affiliate of America First Co. The bonds are secured by a first mortgage lien on two multifamily developments. The Coral Pointe Apartments, located in the North Mesa submarket of Phoenix, Ariz. and St. Andrews apartments, located in the south Orlando submarket of Orlando, Fla. The St. Andrews apartments serve as additional collateral for the bonds. These bonds were rated with no
