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 permanent loan certificate (PLC) delivery date and the construction loan certificate (CLC) maturity date. PLC delivery is extended to June 30, 2001, from May 31, 2001, and the CLC maturity is extended to July 15, 2001, from June 15, 2001. The rating continues to reflect: Assets consisting of Ginnie Mae CLCs, and upon completion, a Ginnie Mae PLC; Investments at the 'AAA' level; Cash flows demonstrating sufficient assets and revenues to pay full and timely debt service on the bonds plus fees through final bond maturity. As of June 5, 2001, $23.7 million in
