NEW YORK (Standard&Poor's) Oct. 9, 2012--Standard&Poor's Ratings Services said today it lowered its ratings to 'BBB-' from 'A-' on Indianapolis, Ind.'s (Heart's Landing Apartments) multifamily housing revenue bonds series 2011A and taxable 2011A-T, and to 'BB' from 'BBB-' on the project's subordinate series 2011B bonds. The outlook is negative. "The downgrade is due to a decline in maximum annual debt service coverage on the bonds based on the first eight months of 2012's financials," said Standard&Poor's credit analyst Ki Beom Park. In addition, the project's occupancy has dropped and the expense ratio has weakened. However, these weaknesses are somewhat offset by the project's approved rental increases in 2011 and debt service reserve fund, which
