Standard&Poor's Ratings Services revised its bond rating outlook on Minneapolis (Nicollet Towers Project), Minn.'s Section 8 assisted multifamily housing revenue bonds series 1996 to stable from negative. At the same time, Standard&Poor's affirmed its 'A' rating on the bonds. The outlook revision reflects: Increase in debt service coverage to 1.49x maximum annual debt service (MADS); Increase in revenues due to annual rental increases; Decrease in expenses, leading to improvement in the expense ratio; Strong occupancy at the property; Debt service reserve funded at 12 months' MADS; and High Real Estate Assessment Center score of 92b. The strengths above are partially offset by contract rent above fair market rents. The stable outlook reflects the project's improved debt
