The 'AAA' rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue refunding bonds series 1993A (Causa Community Development Inc.--Guadalupe Barrio Nuevo project) has been affirmed. The bonds are secured by a mortgage loan, which is insured by FHA under section 221(d)3 of the National Housing Act. In addition, the mortgage loan is subsidized with Section 8 housing assistance payments. The rating continues to reflect: The quality of the mortgage loan collateral, Sufficiency of reserves to cover any potential shortfalls, Sufficiency of assets and revenues to pay debt service and expenses, An asset-to-liability position of 106.37% as of March 22, 2002, and The quality of investments. The bonds were issued to defease prior bonds issued by the Guadalupe Housing
