The rating on Maricopa County Industrial Development Authority, Ariz.'s bonds, issued for Villas de Merced Apartments project, reflects: * GNMA MBS construction loan certificates and, upon project completion, a GNMA MBS permanent loan certificate; * 'AAA' rated investments; and * Sufficiency of cash flows. Bond proceeds are deposited into the acquisition fund to acquire construction loan certificates from the lender during the project's construction period. The trustee makes disbursements for project construction upon receipt of all MBS. All construction loan certificates are expected to be received by Nov. 1, 2000 with the final advance for construction and delivery of the permanent loan certificate by May 1, 2001. All trust estate investments are rated 'AAA' by Standard&Poor's. Cash flow
