NEW YORK (Standard&Poor's) July 15, 2014--Standard&Poor's Ratings Services placed its ratings on 96 unenhanced multifamily affordable housing transactions on CreditWatch with developing implications. This action is based on the pending application of the revised criteria, "Rating Methodology And Assumptions For Affordable Multifamily Housing Bonds", published June 19, 2014, on RatingsDirect, and which is being used to rate such bonds. The affected issues involve affordable multifamily housing bonds supported by unenhanced affordable housing projects, federally subsidized housing projects (e.g. projects that receive Section 8 assistance), privatized military housing projects, and rated U.S. multifamily loan pools. This action follows Standard&Poor's June 19, 2014, release of its new assumptions and methodology referenced above. The affected ratings are
