Standard&Poor's Ratings Services lowered its rating on Maricopa County Industrial Development Authority, Ariz.'s series 1999A and taxable 1999B bonds, issued for Pennington Gardens Apartments project, to 'AA-' from 'AA' and removed it from CreditWatch with negative implications. The rating action reflects Standard&Poor's downgrade of Monumental Life Insurance Co., which provides support in the form of a guaranteed investment contract for the bonds fund, to 'AA-' from 'AA' and subsequent removal from CreditWatch with negative implications. The bonds are secured by a Ginnie Mae mortgage pass-through certificate. The rating continues to reflect our view of: Sufficiency of revenues from the mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds
