The rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds series 2003, issued for the San Fernando Apartments project, reflects the sufficiency of the principal investment along with investment income to pay interest and principal due until the mandatory tender and remarketing date. Bond proceeds will be deposited at closing into an investment agreement with Transamerica Life Insurance and Annuity Co. ('AA/A-1+'). The bonds are subject to optional redemption beginning June 15, 2004, at par. Upon the satisfaction of certain conditions established in the indenture, the bonds will be subject to mandatory tender on a date no earlier than April 15, 2004, and no later than June 15, 2004, with no right for bondholders to retain their
