Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Maricopa County Industrial Development Authority (Carleton Club Apartments), Ariz.'s $13.9 million multifamily housing revenue bonds series 1998A to 'B+' from 'BB+'. The downgrade reflects: The continued decline in debt service coverage to 0.97x maximum annual debt service (MADS) on the bonds according to June 2004 audited financial statement, and 0.98x according to June 2005 unaudited financial statements; Loan-to-value greater than 100%; and Low economic occupancy due to concessions and overall market conditions. These factors are offset by the following strengths: The quality of the real estate collateral, which Standard&Poor's ranked average upon visiting in 2005, Good ownership by Community Services of Arizona Inc. (CSA), A first mortgage
