The rating on Maricopa County Industrial Development Authority, Ariz.'s series 1997A and 1997B bonds, issued for Tempe Grove Apartments, is affirmed following the extension of the anticipated delivery date of the GNMA permanent loan certificate (PLC) to May 31, 2001. The GNMA PLC will serve as security for the bonds by guaranteeing monthly payments of principal and interest on the underlying FHA-insured mortgage. The PLC will be delivered to the trustee in exchange for GNMA construction loan certificates (CLCs), which have secured the bonds since closing. Maturity on the CLCs will be extended to coincide with the extension on the PLC delivery. Revised cash flow projections reflecting the extension of the PLC acquisition period until May 31, 2001, demonstrate adequate
