Standard&Poor's Ratings Services affirmed its 'BBB (sf)' long-term rating on Maricopa County Industrial Development Authority, Ariz.'s subordinate senior living facilities revenue refunding bonds series 2005B, which are secured by a subordinate lien on the three Christian Care projects. The outlook is stable. The affirmation reflects our view of the following strengths: Adequate asset quality in the form of Fellowship Square-Phoenix, a 265-unit senior independent-living project; Oasis Assisted Living-Phoenix, a 40-unit senior assisted-living facility; and Fellowship Square-Mesa, a 236-unit senior independent-living and assisted-living facility; Adequate coverage levels of the property at 1.18x maximum annual debt service (MADS), based on 2010 financial results; Strong occupancy rates at the project; and Debt service reserve fund funded at 18 months' MADS. However,
