Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Phoenix Industrial Development Authority, Ariz.'s single-family mortgage revenue bonds series 2004A and Maricopa County Industrial Development Authority, Ariz.'s single-family mortgage revenue bonds series 2004B. The outlook is negative. Each series of bonds are secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates. The ratings continue to reflect our opinion of the following: 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; An asset-to-liability ratio of 100.01% as of March 31, 2012, for series 2004A; and An asset-to-liability ratio of 100.04% as of Feb. 29,2012, for series 2004B. The
