The 'BBB-' rating on Illinois Finance Authority's multifamily housing revenue bonds series 1994A (Sandwich Apartments project) has been affirmed. The bonds are secured by a mortgage loan, which is secured by a first mortgage lien on the property. The rating continues to reflect: Strong debt service coverage of 1.40x for the fiscal year ending 2004, Decline in both the expense ratio and expenses per unit, Strong occupancy of 98% as of March 2005, Total reserves constituting 1.87x maximum annual debt service (MADS), and Real Estate Assessment Center score of 92. The positive outlook reflects the continued improvement in the project's ability to maintain debt service coverage. The rating could be raised after Standard&Poor's Ratings Services visits the project
