NEW YORK (Standard&Poor's) April 7, 2004--Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Maricopa County Industrial Development Authority, Ariz.'s $13.9 million multifamily housing revenue bonds series 1998A (Stanford Court Apartments project) to 'BB+' from 'A'. The outlook is negative. The downgrade reflects a sharp decline in debt service coverage, low economic occupancy due to concessions and overall market conditions, and a soft multifamily market in Phoenix, Ariz. The bonds were issued on behalf of the Carleton Club Apartments (formerly known as Stanford Court Apartments) project, an affordable multifamily housing development in Phoenix, Ariz. The audited financial statements for fiscal 2003 and annualized unaudited financial statements for 2004 (through Jan. 31, 2004) indicate that the performance
