Standard&Poor's Ratings Services lowered its long-term ratings on HP Communities LLC, Colo.'s military housing revenue bonds series 2008A, 2008B, and 2008C to 'A-', BB+', and 'BB' from 'AA-', 'A', and 'A-', respectively. At the same time, Standard&Poor's revised the outlook on the rating on the series 2008B and 2008C bonds to negative from stable. The ratings reflect our view of the following weaknesses: Declining debt service coverage of 1.26x, 1.03x, and 1.02x on the 2008A, B, and C bonds, respectively, based on 2010 unaudited financial statements as of Aug. 31, 2010; Low occupancy of 83% as of September 2010; and Construction progress behind schedule at Hanscom Air Force Base (AFB). The ratings also reflect our view
