The rating on Maricopa County Industrial Development Authority, Ariz.'s bonds is affirmed and reflects: * An asset-to-liability ratio of 136.09% as of December 1996, * Capital appreciation bonds (CABs) with a yield in excess of the mortgage rate, and * Primary mortgage insurance provided by Verex Assurance Inc. ('BBB-' claims paying ability). The series 1991T bonds are comprised of one maturity of CABs with a yield of 11%. The accreted value as of Dec. 31, 1996 was $2.48 million. As of that date, $3.53 million in assets comprised of $2.82 million in single- family mortgages, $694,641 in the revenue fund, and other assets of $18,740, resulting in a 136.09% asset-to-liability ratio. All funds are invested in the Dreyfus Treasury Cash
