NEW YORK (Standard&Poor's) Oct. 7, 2010--Standard&Poor's Ratings Services lowered its rating on City of Portland, Ore.'s multifamily housing revenue bonds, series 1998A (Yards at Union Station Project) to 'BB+' from 'AAA' based on our view of the project's reliance on short-term market rate investments. Standard&Poor's also removed the rating from CreditWatch with negative implications, where it had been placed May 12, 2010. Standard&Poor's had included the rating with certain other housing issues ratings in the CreditWatch placement due to revised criteria for certain federal government-enhanced housing transactions. Our revised criteria affect government-enhanced housing transactions where funds are invested in money market funds and other investments with no guaranteed rate of return. Standard
