The 'AAA/A-1+' rating on Maricopa County Industrial Development Authority, Ariz.'s variable-rate demand multifamily housing revenue refunding bonds series 2004 (San Clemente Apartments project) reflects: The amendment of the original indenture to reflect the issuance of the variable-rate demand multifamily housing revenue bonds series 2004A in the amount of $1 million secured on a parity basis with the series 2004 bonds, and The amendment of the Fannie Mae direct-pay credit enhancement instrument to reflect an increase in the amount available be drawn under the credit facility corresponding to the increase in the amount of bonds outstanding. The credit facility provides credit and liquidity coverage for optional and mandatory redemptions, tenders, and acceleration. Interest is automatically reinstated following a draw. An event
