The rating on Maricopa County Industrial Development Authority, Ariz.' bonds reflects: The quality of the mortgage loan collateral, Sufficiency of reserves to cover any potential shortfalls, Sufficiency of assets and revenues to pay debt service and expenses, An asset-to-liability position of 105.98% as of Feb. 25, 1999, and The quality of investments. The bonds were issued to defease prior bonds issued by the Guadalupe Housing Finance Corp. The project, Guadalupe Barrio Nuevo, is a 60-unit low-income housing project located in Guadalupe, Arizona. The bonds are secured by a mortgage loan that is insured by the FHA under section 221(d)3 of the National Housing Act and subsidized with section 8 housing assistance payments. Accordingly, should the mortgagor default under his obligations
