Standard&Poor's Rating Services affirmed its 'AA' rating on the Maricopa County Industrial Development Authority, Ariz.'s series 1999A&taxable 1999B bonds, issued for Pennington Gardens Apartments Project. The bonds are secured by a Ginnie Mae mortgage passthrough certificate. The rating is based on: 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 103% as of March 21, 2006. Ginnie Mae 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; however, the rating reflects the dependent rating
