Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Maricopa County Industrial Development Authority, Ariz.'s single-family mortgage revenue bonds series 1997. The outlook is negative. The bonds are secured by Ginnie Mae pass-through certificates. The rating continues to reflect our view of the following: The extremely high credit quality of the Ginnie Mae mortgage-backed securities, which we consider 'AA+' eligible under our 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; The extremely strong investment quality; and The asset-to-liability ratio of 112.05% as of Jan. 4, 2013. The rating reflects the sovereign rating of the United States (AA+/Negative). Should the United
