The ratings on Maricopa County Industrial Development Authority, Ariz.'s bonds are affirmed with the outlook remaining negative. The negative outlook reflects poor operating performance of the pool of four cross-collateralized projects that secure the authority's bond issue. The bonds were issued for the Pine Ridge, Cambridge Court, Cove on 44th, and Fountain Place Apartments, in Phoenix, Ariz. The projects are owned by Christian Relief Services of Arizona, an affiliate of Christian Relief Services, a charitable organization formed in 1985. The projects were underwritten to perform at 1.45 times (x) debt service coverage (DSC) for the series A bonds, and 1.38x DSC on both bond series. Audited financial statements for year-end June 1998 reflect that DSC was about 1.22x on series
