The ratings assigned to Maricopa County Industrial Development Authority, Ariz.'s bonds reflect an irrevocable direct-pay credit enhancement facility provided by Fannie Mae, which supports the mortgage backing the bonds. Fannie Mae is a U.S. government-sponsored agency whose payment ability is assessed 'AAA/A-1+' by Standard&Poor's. The facility, which expires eight days after the bonds mature, provides coverage for principal and up to 35 days of interest at the maximum bond rate of 12%, including the purchase price of tendered bonds. The bonds initially will bear interest at a weekly floating rate period but may be converted upon mandatory tender and rating confirmation to a reset or fixed-rate period. Both series are scheduled to mature on May 1, 2032, but
