The 'AAA' rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds series 1998, issued for Villas de Merced Apartments project, has been affirmed. The bonds are secured by Ginnie Mae permanent loan certificates (PLC). Other rating factors include: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity, Investments held in a 'AA+/A-1+' rated investment agreement provider, and An asset-to-liability ratio of 100.61% as of Jan. 22, 2003. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of Ginnie Mae PLCs, which are 'AAA' eligible under Standard&Poor's rating criteria. All funds
