The rating on Maricopa County Industrial Development Authority, Ariz.'s bonds reflects: Extremely strong credit enhancement of the mortgage backing the bonds through a Fannie Mae credit enhancement facility, and 'AAA' rated investments. The 2000A bonds will be secured by a Fannie Mae direct-pay credit enhancement facility in the principal amount of $65.5 million. Through the credit facility, Fannie Mae will make all regularly scheduled payments of principal and interest due on the mortgage note. Under this structure, the trustee is instructed to draw on Fannie Mae one day prior to each bond interest payment date; hence there is no lag. The credit facility also covers payments necessary to purchase tendered bonds resulting from a failed remarketing. The credit facility will
