Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Maricopa County Industrial Development Authority, Ariz.'s (Ginnie Mae and Fannie Mae mortgage-backed security program) single-family mortgage refunding bonds series 1996. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities (MBS) and Fannie Mae pass-through certificates. The rating continues to reflect our opinion of the following: The high credit quality of the Ginnie Mae MBS and Fannie Mae pass-through certificates, which we consider to be 'AA+' eligible under our rating criteria; The sufficiency of revenues from mortgage debt service payments to pay full and timely debt service on the bonds until maturity; Strong investment quality; and An asset-to-liability ratio of 101.79% as of May 1, 2012.
