The rating on Illinois Development Finance Authority's bonds is affirmed and removed from CreditWatch where it was placed on March 4, 1998. At that time, it was determined that it was likely that the project's revenues would not be sufficient to pay debt service on the bonds for several years going forward. The negative outlook reflects deteriorating cash flow projections under stress scenarios assuming stable revenues and rising expenses. This would result in insufficient revenues to pay debt service on the bonds several years going forward. The bonds are secured by a mortgage loan that is secured by Section 8 subsidy payments. The rating reflects: Debt service coverage (DSC) of 1.13 times (x), Sufficiency of reserves, Quality of investments, and
