NEW YORK (Standard&Poor's) May 29, 2009--Standard&Poor's Ratings Services lowered its rating on Minneapolis, Minn.'s Section 8 asst multifamily housing revenue bonds series 1993 (Olson Townhouses) to 'BBB' from 'A'. The outlook is stable. "The downgrade reflects the ability of the property to generate sufficient revenues to be able to pay debt service at this rating level," said Standard&Poor's credit analyst Renee Berson. The latest audited financial results for the fiscal year ended Dec. 31, 2008, indicate that debt service coverage (DSC) declined to 1.09x from 1.24x in 2007. The average net rent is $831 per unit per month for December 2008, up from $836 in 2007. There has been no rent increase granted to
