NEW YORK (Standard&Poor's) Oct. 1, 2010--Standard&Poor's Ratings Services lowered its rating on North Carolina Medical Care Commissions' multifamily housing revenue bonds (McDowell Nursing Center) series 2002A to 'BB+' from 'AAA', and removed it from CreditWatch with negative implications. "The rating action is based on our view of the project's reliance on short-term market rate investments," said Standard&Poor's credit analyst Renee J. Berson. The rating reflects our view of the following: Revenues from mortgage debt service payments and investment earnings are insufficient to pay full and timely debt service on the bonds plus fees until maturity; and Asset/liability parity is projected to fall below 100% in 2035. Credit strengths in the issue include our view
