The ratings on Maricopa County Industrial Development Authority's series 1999A and taxable 1999B bonds, issued for Pennington Gardens Apartments project, have been lowered to 'AA' from 'AA+' based on the downgrade of Monumental Life Insurance Co. ('AA/A-1+'), which provides credit support for this issue in the form of a float investment agreement. The bonds are secured by a Ginnie Mae mortgage pass-through certificate. Other rating factors include: Ginnie Mae permanent loan certificates (PLCs); Sufficiency of revenues from the mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; and An asset-to-liability ratio of 101.05% as of April 29, 2003. Ginnie Mae securities are backed by the full faith and credit of
