S&P gives Aa-/A-1+ to Phoenix Industrial bonds

Standard & Poor's said it assigned an AA-/A-1+ rating to the $200 million series 2008A and $200 million series 2008B single-family mortgage revenue bonds issued by the Phoenix Industrial Development Authority, Ariz.

The series 2008A bonds are dated July 29, 2008 and are due March 1, 2012.

Proceeds of the series 2008B bonds will be deposited into the bond escrow fund and invested with Natixis Funding Corp., which provides a guarantee. The investment agreement will pay interest at the same rate that the bonds will earn interest.

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