The 'AAA' rating on Maricopa Industrial Development Authority and Phoenix Industrial Development Authority, Ariz.'s single-family mortgage revenue bonds series 2000-1A (non-AMT) 2000-1B (AMT), and 2000-1C (AMT) reflects: Extremely strong assets consisting of Ginnie Mae, Fannie Mae, and Freddie Mac mortgage backed securities; Revenue and reserves invested pursuant to an investment agreement with AIG Matched Funding, guaranteed by American International Group ('AAA'); Sufficiency of revenues to pay debt service and fees when due; and An asset-to-liability position of 103.14% as of Oct. 1, 2003. The bond proceeds were used to acquire Ginnie Mae, Fannie Mae, and Freddie Mac mortgage-backed securities. Ginnie Mae carries the full faith and credit of the U.S. government, while Fannie Mae and Freddie Mac have the implied
