Standard&Poor's Ratings Services lowered its rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds (Villas de Merced Apartments Project) series 1998 to 'AA-' from 'AA' and removed the rating from CreditWatch with negative implications. The rating action reflects Standard&Poor's downgrade of the guaranteed investment contract (GIC) provider, Monumental Life Insurance Co., to 'AA-' from 'AA' and subsequent removal from CreditWatch with negative implications. The bonds are secured by a Ginnie Mae mortgage-backed security. The rating continues to reflect our view of: 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 100.58% as of
