The ratings on Louisiana Public Facilities Authority's (Volunteers of America Willows Affordable Housing Corp.) senior-lien 1994A and junior-lien 1994B bonds have been affirmed at 'B' and 'CCC', respectively. The outlook on the bonds continues to be negative due to the continuing deteriorating net operating income at the property due to the property's physical condition. The property's substantial physical condition problems have impaired the long-term viability of the project and therefore make the bonds a speculative investment. The property continues to be experiencing property damage from deteriorating masonite siding and wood rot caused from termites. The property's roofs are also extensively damaged. The owner must spend a substantial amount of money to replace the masonite shingles, exterior wood panels, roofs, and
