NEW YORK (Standard&Poor's) Dec. 30, 2005--Standard&Poor's Ratings Services lowered its rating on Louisiana Public Facilities Authority's $8 million multifamily revenue bonds (Mission Ministries--Georgetown Manor Project) series 1994A to 'BB' from 'A', and its rating on the authority's $50,000 multifamily revenue bonds series 1994B to 'BB-' from 'BBB'. The outlook is stable. The downgrades reflect the uncertainty concerning the future financial viability of the project. This issue was placed on CreditWatch with negative implications on Sept. 8, 2005, because the property is located in New Orleans, La. in an area devastated by Hurricane Katrina. At the time of the CreditWatch placement, Standard&Poor's was uncertain about the condition of the property, the security for the bonds.
