Standard&Poor's Ratings Services raised its underlying rating (SPUR) on Maricopa County Industrial Development Authority (Carleton Club Apartments), Ariz.'s bonds to 'AAA' from 'B+' based on the legal defeasance of the issue. The issue will be defeased through the first call date of July 1, 2008. This issue was defeased with cash only. Standard&Poor's reviewed an escrow agreement, verification report, bankruptcy opinion, and defeasance opinion. The bond insurer remains unchanged. The stable outlook continues to reflect that of the bond insurer.