Standard&Poor's Ratings Services affirmed its 'AAA' rating on Phoenix Industrial Development Authority (Maricopa County Industrial Development Authority)'s single-family mortgage revenue bonds series 2001-1A and 2001-1B and removed it from CreditWatch with negative implications where it was placed on Oct. 9, 2008. The bond issue receives partial credit support from AIG Matched Funding Corp. (A-/Watch Neg/A-1). It is anticipated that the AIG guaranteed investment contracts (GICs) will be terminated and funds returned to the trustee, Zions National Bank. In the event that the money is returned to the trustee, these funds will be held in 'AAA' eligible money market funds. Standard&Poor's has received cash flows demonstrating that the bonds can withstand the loss of the GICs' reinvestment
