NEW YORK (Standard&Poor's) Sept. 28, 2005--Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Maricopa County Industrial Development Authority (Metro Gardens--Mesa Ridge Apartments), Ariz.'s $23 million multifamily housing revenue bonds series 1999A to 'CC' from 'B' and placed the rating on CreditWatch with negative implications. The downgrade reflects the trustee's draw on the debt service reserve fund (DSRF) to make the debt service payment due on July 1, 2005; the trustee's indication that there will likely be a further draw on the debt service reserve fund to make the Jan. 1, 2006, debt service payment; and insufficient funds to pay debt service on the unrated series 1999B bonds as of July 1, 2005. Standard&Poor's
