Standard&Poor's Ratings Services affirmed its 'AAA' rating on Maricopa County Industrial Development Authority, Ariz.'s adjustable-rate senior living facilities revenue refunding bonds, series 2005A, issued on behalf of Christian Care's Fellowship Square-Phoenix, Oasis Assisted Living-Phoenix, and Fellowship Square-Mesa projects. The rating reflects the strong credit and liquidity enhancement of the bonds provided by a direct-pay credit facility from Fannie Mae. On Dec. 15, 2010, the interest rate on the senior bonds is scheduled to convert to a weekly variable rate from the current reset rate. At that time, we expect to change the rating on the senior bonds to 'AAA/A-1+' from 'AAA'. Additionally, we affirmed our 'BBB' rating on the authority's subordinate senior living facilities revenue refunding bonds, series
