Standard&Poor's Ratings Services affirmed its 'AA+' rating on Maricopa County Industrial Development Authority, Ariz.'s single-family mortgage refunding bonds (Ginnie Mae and Fannie Mae MBS program), series 1996. The bonds are secured by Ginnie Mae mortgage-backed securities (GNMA MBS) and Fannie Mae passthrough certificates. The outlook is stable. The rating reflects our view of the following: The very strong asset quality securing the bonds, consisting of GNMA MBS, and Fannie Mae passthrough certificates, which are 'AA+' 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; Funds invested in an Invesco money market fund (AAAm), which, in our
