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 reflects 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; Extremely strong investment quality; and An asset-to-liability ratio of 111.70%% as of Feb. 1, 2012. The rating also reflects the sovereign rating on the United States (AA+/Negative). The assets consist of Ginnie Mae guaranteed mortgage-backed securities, which we consider 'AA+' eligible under our rating criteria. The revenue fund is invested in JPM 100% U.S.
