Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue refunding bonds series 2001A-1 and 2001A-2, issued on behalf of Pine Ridge, Cambridge Court on 44th and Fountain Place Apartments. The bonds are secured by a Ginnie Mae PLC that guarantees timely payment of principal and interest. The rating reflects our view of the following: Assets consist of Ginnie Mae PLC, which is considered 'AAA' eligible under Standard&Poor's rating criteria; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Investment held pursuant to a guaranteed investment contract with CDC Funding Corp. (AAA); and
