Standard&Poor's has lowered to 'BBB' from 'A-' its underlying rating (SPUR) on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds series 1999A (Metro Gardens--Mesa Ridge Apartments). Additionally, Standard&Poor's has assigned the rating a negative outlook because of the recent poor performance of Tradewind Apartments; one of the two properties financed by the bonds, and due to the overall softening of the Phoenix multifamily market, and removed the bonds from CreditWatch with negative implications. The bonds were issued on behalf of the Metro Gardens and Tradewinds Apartments (formerly know as Mesa Ridge Apartments) project, two affordable multifamily housing developments in Phoenix, Ariz. Standard&Poor's review of audited financial statements for fiscal 2001 and unaudited
