Standard&Poor's Ratings Services affirmed its 'CC' underlying rating (SPUR) on Maricopa County Industrial Development Authority, Ariz.'s $23.0 million multifamily housing revenue bonds, series 1999A, issued on behalf of the Metro Gardens-Mesa Ridge Apartments, and removed its rating from CreditWatch with negative implications where it was placed on Sept. 23, 2005, and assigned a negative outlook to the rating. The rating action reflects: The trustee's draw on the debt service reserve fund (DSRF) to make a portion of the debt service payment due on Jan. 1, 2006, the third such draw on the DSRF in the past year; Insufficient funds to pay debt service on the unrated series 1999B bonds since July 1, 2005, indicating the severity of the
