The 'AAA' rating on Maricopa County Industrial Development Authority, Ariz.'s single-family mortgage refunding bonds (Ginnie Mae and Fannie Mae MBS program) series 1996 reflects: Assets consisting of Ginnie Mae mortgage-backed securities, payments on which are backed by the full faith and credit of the U.S.; Sufficiency of revenues on the Ginnie Mae payments and investment earnings to pay full and timely debt service on the bonds until maturity; The quality of permitted investments; and An asset-to-liability ratio of 100.24% as of Oct. 1, 2003. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of Ginnie Mae guaranteed mortgage pass-through certificates, which guarantee timely payment of principal and interest on the
