The ratings on Maricopa County Industrial Development Authority, Ariz.'s bonds, issued for Mercy House, are affirmed. The ratings reflect: Debt service coverage of 1.25 times(x) on the senior rated bonds and 1.09x on the subordinate bonds for 1998; Fully funded debt service reserves, which are based on maximum annual debt service; Vacancy rates for the projects averaging less than 5% over the past 12 months; and Experienced ownership by a strong, nationally recognized firm. The bonds were issued to finance the acquisition of three affordable housing projects in Phoenix in 1997. The projects were subsequently purchased by Mercy Housing Arizona, a subsidiary of Mercy Housing Inc. The projects are managed by Mercy Services Corp., an arm of Mercy Housing Inc.
