The rating on Maricopa County Industrial Development Authority, Ariz.'s bonds reflects: * Mortgage collateral guaranteed by GNMA, * The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity, * Investments held in an investment agreement with FGIC Capital Markets Services Inc. (rated 'AAA'), and * An asset-to-liability ratio of 103.82% as of July 6, 1998. The next comprehensive review of this transaction is scheduled to occur during the calendar year ending Dec. 31, 2003 due to the strength and stability of the underlying collateral as well as the structure of the deal.
