Standard&Poor's Ratings Services affirmed its 'AAA' rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue refunding bonds, series 2001A-1 and 2001A-2, issued for the Pine Ridge Apartments. The bonds are secured by a Ginnie Mae permanent loan certificate (PLC), which guarantees timely payment of principal and interest. The affirmation of the rating is based on: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity, Funds held in 'AAA' eligible investments, and An asset-to-liability ratio of 100.48% as of Aug. 17, 2005. The rating reflects the strong credit quality of the Ginnie Mae PLC, which guarantees timely payment of principal and interest
