Standard&Poor's Ratings Services raised its rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue refunding bonds, series 1998 A and B to 'AAA' from 'A' and removed the rating from CreditWatch with positive implications where it was placed on Feb. 15, 2008. The upgrade is based on the legal defeasance of the issue. The trust indenture has been discharged and is no longer in effect. The trustee is holding sufficient cash in an irrevocable escrow account for bondholders to make the final payment of principal, interest, and premium on the optional redemption date of Feb. 29, 2008.
