Standard&Poor's Ratings Services affirmed its 'A' long-term rating on Minneapolis, Minn.'s Nicollet Towers project Section 8 assisted multifamily housing revenue bonds, series 1996. In our view, the affirmation reflects the project's: Strong debt service coverage of 1.56x maximum annual debt service (MADS) based on audited financial results for the fiscal year ended June 2009; Recent rental increases the project received in 2009; Decline in expenses leading to improvement in the expenses ratio; Debt service reserve fund funded at 12 months' MADS; Strong credit quality of investments of all funds with Societe Generale; and High real estate assessment center score of 92b. However, a slight decline in the property's occupancy levels offsets these strengths. The latest audited financial results
