The 'AAA' rating on Phoenix Industrial Development Authority, Ariz.'s single-family mortgage revenue bonds series 2001-1A and 2001-1B, issued for the Maricopa County Industrial Development Authority, is affirmed based on the extension of acquisition of all MBS to Nov. 1, 2002 from March 1, 2002. Currently $2.9 million of the original $25 million remains in the acquisition fund. The rating reflects: 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 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 industrial development authorities
