S&P Global Ratings affirmed its 'A-' rating, with a stable outlook, on Minneapolis' series 1993 multifamily housing revenue bonds issued for the Olson Townhouses Section 8-assisted project. The rating reflects our opinion of the project's: Strong financial performance, reflected by debt service coverage (DSC) of 1.26x maximum annual debt service (MADS) based on the three-year average of audited financials at fiscal year-end 2015; Excellent loss coverage on the bonds due to the issue's age; Extremely high operating performance based on its 100% occupancy rate and waiting list of 50; Strong strategy and management based on the experience and record of the owner and asset management team; and Strong economic fundamentals and market dependencies, reflecting adequate demand drivers and a strong
