The rating on Maricopa County Industrial Development Authority, Ariz.'s bonds reflects: GNMA pass-through certificates; A guaranteed investment contract with 'AAA' rated Trinity Funding Co. LLC for the acquisition fund; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The quality of permitted investments; and An asset-to-liability ratio of 100.89% as of Dec. 8, 1999. The bonds are secured by GNMA mortgage backed pass-through certificates and funds held in the acquisition fund. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of GNMA guaranteed mortgage pass-through certificates, which have the full faith and credit of the
