Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on the Maricopa County Industrial Development Authority, Ariz.'s series 1997 single-family mortgage revenue bonds. The bonds are secured by Ginnie Mae pass-through certificates. The outlook is stable. The rating reflects our view of the following: Ginnie Mae mortgage-backed securities rated 'AA+', 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 103.59% as of Feb. 16, 2016. The rating reflects that of the sovereign rating of the U.S. ('AA+/Stable'). Should we raise our sovereign rating on the U.S. to 'AAA' and the bond program meet all criteria commensurate with a 'AAA'
