Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' rating on Maricopa County Industrial Development Authority, Ariz.'s (Gran Victoria Housing LLC project) series 2000A variable-rate demand multifamily housing revenue bonds. The outlook is stable. The affirmation reflects our view that an optional $4.68 million redemption scheduled for Nov. 15, 2014, will not impact the rating, as a Fannie Mae direct-pay enhancement for the remaining bonds will remain in effect. The stable outlook is the same as the outlook on Fannie Mae, which reflects the stable outlook on the U.S. We could lower the rating on the bonds if the rating on Fannie Mae were lowered due to a lowering of the sovereign rating on the U.S., or if, in our view,
