Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Maricopa County Industrial Development Authority, Ariz.'s multifamily housing revenue bonds series 1998A (Stanford Court Apartments project) to 'BB+' from 'A'. The downgrade reflects: A sharp decline in debt service coverage to 1.19x maximum annual debt service (MADS) on the senior rated bonds according to June 30, 2003, audited financial statements, from 1.52x as of June 30, 2002; Low economic occupancy due to concessions and overall market conditions; and A soft multifamily market in Phoenix, Arizona. These factors are offset by the following strengths: A debt service reserve funded at maximum annual debt service, Strong ownership by Community Services of Arizona Inc., and First mortgage lien on the property pledged
