The 'BBB-' rating on Illinois Development Finance Authority's multifamily housing revenue bonds series 1994A (Sandwich Apartments project) has been affirmed. The outlook has been revised to positive from stable, reflecting continued financial improvements. The bonds are secured by a mortgage loan, which is secured by Section 8 subsidy payments. The rating continues to reflect: Debt service coverage of 1.27x maximum annual debt service (MADS) in fiscal 2001, Sufficiency of reserves, Quality of investments, and Management by HAPI Management, Ownership by Casden Properties, and A Section 8 subsidy, which is coterminous with bond maturity. The positive outlook reflects the continued improvement in the project's ability to maintain debt service coverage. Continued financial performance may result in a further rating change.
