Standard&Poor's Ratings Services affirmed its 'AAA' rating on Maricopa County Industrial Development Authority, Ariz.'s single-family mortgage revenue bonds series 2004B. The bonds are secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates. The rating continues to reflect: 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 100.01% as of Aug. 1, 2007. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of Ginnie Mae guaranteed mortgage-backed securities and Fannie Mae pass-through certificates, which are 'AAA' eligible under Standard&Poor's rating criteria.
