Summary: Maricopa County Industrial Development Authority, Arizona; Single Family Multiple MBS Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+' long-term rating on Maricopa County Industrial Development Authority, Ariz.'s taxable single-family mortgage revenue bonds (mortgage-backed securities program) series 2000C and 2001A. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates. The rating continues to reflect our views 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; Investments held in Dreyfus Money Market Fund (AAAm); and An asset-to-liability ratio of 100% and 100.76% for series 2000C and 2001A, respectively, as of Nov. 2, 2011. The rating also reflects the sovereign rating on the United States (AA+/Negative). Should the...

Companies mentioned in this report are: Maricopa Cnty Indl Dev Auth
Action: Affirmed
Action: Outlook: Negative

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Maricopa Cnty Indl Dev Auth

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