NEW YORK (Standard&Poor's) Jan. 24, 2006--Standard&Poor's Ratings Services lowered its rating on Maricopa County Industrial Development Authority, Ariz.'s $18.6 million senior living facilities revenue bonds series 2004A and 2004B taxable, issued on behalf of the Christian Care Mesa II Inc. project, to 'BB' from 'BBB'. The outlook is stable. The downgrade reflects low project occupancy of 68% as of October 2005 compared to the anticipated rate of 82% for that month due to a low net lease up rate; debt service coverage of less than 1.0x debt service for both fiscal 2004 and 2005, according to Standard&Poor's calculations, well below the levels anticipated for this period; and the project's current reliance on a subsidy
