Standard&Poor's Ratings Services affirmed its 'CC' rating on Maricopa County Industrial Development Authority, Ariz.'s senior living facilities revenue bonds series 2004A, issued on behalf of the Christian Care Mesa II Inc. project. The outlook is negative. The rating reflects our opinion of the following factors: Very low debt service of .29x MADS based on 2009 financial results; Draws on the project's debt service reserve fund (DSRF) to fund the project's January 2010 and July 2010 debt service payments; Low occupancy rate of 73% in 2009; and Low occupancy rates in the Phoenix apartment rental market. In our view, the negative outlook reflects the project's low debt service coverage, weak occupancy rates, draws on the project's DSRF, and continued
