Standard&Poor's Ratings Services affirmed its 'AAA' underlying rating (SPUR) on Maricopa County Industrial Development Authority, Ariz.'s bonds based on the gross funded cash escrow used to purchase state and local government securities (SLGS). The issue is still defeased through the first call date of July 1, 2008, when the series A bonds will be redeemed. An updated verification report shows the sufficiency of the SLGS to pay debt service until all bonds are redeemed. The series B bonds are not rated by Standard&Poor's.