Standard&Poor's Ratings Services downgraded its rating on Maricopa County Industrial Development Authority, Ariz.'s, multifamily housing revenue bonds (Villas de Merced Apartments Project) series 1998 to 'AA' from 'AAA'. The downgrade reflects the current rating of the guaranteed investment contract (GIC) provider, Monumental Life Insurance Co. The bonds are secured by a Ginnie Mae mortgage backed security (MBS). Other rating factors are: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; and An asset-to-liability ratio of 100.42% as of Aug. 28, 2008. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of Ginnie Mae
