The 'AAA' and 'SP-1+' ratings on Phoenix Industrial Development Authority, Ariz.'s single-family mortgage revenue bonds, issued for Maricopa County Industrial Development Authority, reflect: The extremely high credit quality of the collateral backing the bonds, Cash flow sufficiency, and High quality investments. Series 2001-1A and 2001-1B are long-term issues secured by Ginnie Mae, Fannie Mae, and FHLMC mortgage-backed securities (MBS), which are backed by fixed-rate, 30-year mortgage loans originated to low-to-moderate income persons Assisted loans bear a 0.65% higher rate than unassisted loans.. The series 2001-1C and 2001-1D are short-term notes backed solely by proceeds invested in a guaranteed investment contract (GIC) from AIG Matched Funding Corp. (triple-'A'), and are not subject to redemption prior to their maturity on Feb. 28,
