The ratings on Maricopa County Industrial Development Authority, Ariz.'s bonds, issued on behalf of Christian Relief Services, are affirmed with the outlook changed to stable from negative. The rating reflects: The pool of four cross-collateralized affordable multifamily properties is operating at the pro forma senior debt service coverage of 1.45 times(x), initially anticipated when originally rating the bonds; Three of the four properties have occupancies in the 95%-96% range while one, Pine Ridge, is operating fairly steadily in the 88%-90% range; Several major maintenance issues incurred when the properties were acquired have been resolved; Receipt of a $175,000 grant from the city of Phoenix to paint and repair parking lots at Pine Ridge; Improving asset management by Christian Relief as
