Standard&Poor's Ratings Services affirmed its 'B+' public underlying rating (SPUR) on Maricopa County Industrial Development Authority (Carleton Club Apartments), Ariz.'s $13.9 million multifamily housing revenue bonds, series 1998A. The rating affirmation reflects: The quality of the real estate collateral, which Standard&Poor's ranked average upon visiting in 2005; Improving demand at the property, with an average occupancy rate of 97% for the first six months of 2006 and a strengthening of the multifamily market in the property's submarket; A fully funded debt service reserve fund (DSRF) for the senior series 1998A bonds; and A first mortgage lien on the property pledged to the trustee. Other credit factors considered include: A decline in debt service coverage to 0.92x
