The rating on Maricopa County Industrial Development Authority, Ariz's taxable single-family mortgage revenue bonds reflects the extremely high credit quality of the Ginnie Mae and Fannie Mae mortgage-backed securities (MBS) securing the bonds and high quality investments. Both Ginnie Mae and Fannie Mae are considered 'AAA'-eligible under Standard&Poor's rating criteria due to direct or implied U.S. Government support. The issuer will use proceeds to acquire MBS, which are backed by fixed-rate, fully amortizing single-family mortgage loans originated to low-to-moderate income residents of Maricopa County. Prior to acquisition of MBS, proceeds are invested in a guaranteed investment contract (GIC) provided by an entity whose rating supports the bond rating. The GIC interest rate will be LIBOR plus a fixed
