SAN FRANCISCO (Standard&Poor's) Jan. 30, 2008--Standard&Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'BB' rating on Maricopa County Industrial Development Authority, Ariz.'s senior living facilities revenue bonds, series 2004A and 2004B issued on behalf of the Christian Care Mesa II Inc. project. "The negative outlook reflects the property's low occupancy, which at 76% is below the 85% forecasted level," said Standard&Poor's credit analyst Debra Boyd. "In addition, the property is reliant on a subsidy from an unrated source to cover cash-flow shortfalls, as it has low maximum annual debt service coverage of 0.48x. Should the property's occupancy continue to underperform and rely on subsidies to pay debt service, the
