Standard&Poor's Ratings Services placed its 'A' rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue refunding bonds, series 1998 A and B (Coral Point Apartments and Jackson Park Place II) on CreditWatch with developing implications. The CreditWatch placement reflects our concern regarding the incapacity of the transaction to meet its financial commitment to pay the tender price on the bonds on the March 1, 2008, mandatory tender date, should unfavorable conditions lead to failed remarketing. It also reflects the potential for a rating upgrade, based on the project's financial strength with debt service coverage of 1.95x MADS on the rated bonds as of Dec. 31, 2006. On March 1, 2008, all the $13.09 million in bonds
