Standard&Poor's Ratings Services affirmed its 'A-' rating on Minneapolis' (Olson Townhouses Section 8-assisted project) series 1993 multifamily housing revenue bonds. The outlook is stable. The rating reflects our view of the project's: Strong financial performance, reflected by debt service coverage (DSC) of 1.21x maximum annual debt service (MADS) based on fiscal 2014 audited financials; Excellent loss coverage on the bonds due to the issue's age; Extremely high operating performance based on the project's 100% occupancy rate; Strong strategy and management based on the experience and track record of the owner and asset management team; and Strong economic fundamentals and market dependencies, reflecting adequate demand drivers and a strong local housing market. Olson Townhouses is a 92-unit family development
