Standard&Poor's Rating Services affirmed its 'AAA' rating on the County of Maricopa Industrial Development Authority (IDA) and the City of Phoenix IDA, Ariz.'s single-family mortgage revenue bonds, series 2001-2A and 2B, and removed the bonds from CreditWatch with negative implications. The bonds receive partial credit support in the form of a guaranteed investment contract (GIC) provided by AIG Matched Funding Corp. (guaranteed by American International Group Inc.) for the bonds' revenue fund. Despite AIG's rating being lowered to 'AA+' and placed on CreditWatch with negative implications, the bonds are affirmed at 'AAA' based on the County of Maricopa IDA and the City of Phoenix IDA's ability to optionally terminate the GICs upon a further lowering of AIG's rating
