The rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue refunding bonds series 2001A-1 and 2001A-2 bonds reflects: The extremely high credit quality of the assets consisting of a Ginnie Mae permanent loan certificate (PLC), High credit quality of investments, and Cash flow sufficiency. The bonds will be secured by a Ginnie Mae PLC that guarantees timely payment of principal and interest. The securities are backed by the full faith and credit of the U.S. government and therefore qualify as 'AAA' eligible under Standard&Poor's rating criteria. Bond proceeds will be used to finance the refunding of a pool of four multifamily housing projects located in Phoenix, Ariz. Bond proceeds will be deposited into the acquisition fund
