NEW YORK (Standard&Poor's) June 15, 2007--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 an increase in debt service coverage to 1.49x maximum annual debt service (MADS); an increase in revenues due to annual rental increases; a decrease in expenses, leading to improvement in the expense ratio; and strong occupancy at the property. The project's latest audited financial statements for the fiscal year ended June 30, 2006, indicate that the debt service coverage of the project improved to 1.49x MADS
