Standard&Poor's Ratings Services affirmed its 'A- (sf)', 'BBB- (sf)', and 'BB- (sf)' long-term ratings on Indianapolis, Ind.'s (Covered Bridge Project) junior subordinate multifamily housing revenue bonds series 2011A, subordinate 2011B, and 2011C, respectively. The outlook is stable. The affirmation reflects our opinion of the following: Debt service coverage level of 1.35x ,1.21x, and 1.12x maximum annual debt service (MADS) for the series 2011A, 2011B, and 2011C bonds, respectively, based on net operating income for the fiscal year ended Dec. 31, 2011; Debt service reserve fund funded at 12 months' MADS; Average occupancy rates of 87.6% at the project; and Moderate loan-to-value ratio. However, the above strengths are offset by our opinion of the following weaknesses: The reserve fund
