NEW YORK (Standard&Poor's CreditWire) Oct. 22, 1999--Standard&Poor's today lowered its rating on Illinois Development Finance Authority's $27.52 million Section 8-assisted housing revenue bonds (Town and Garden Apartments) series 1992 to double-'B' from triple-'B'-plus. The outlook was also revised to stable from negative. The rating downgrade reflects declining debt service coverage (DSC). The bonds are supported by a Section 8 subsidized mortgage loan. For the year-ended June 30, 1998, audited financial statements demonstrate that DSC on the project is 0.98 times (x). This compares unfavorably to that of prior years. The DSC has been declining over the past years, from 1.11x in fiscal 1995 to the current level, because expenses have outpaced revenues. The project manager, Metroplex,
