The underlying rating on Maricopa County Industrial Development Authority, Ariz.'s bonds, issued for Stanford Court Apartments, is affirmed and the outlook is revised to negative reflecting declining debt service coverage. Debt service coverage was about 1.25 times (x) in calendar year 1999, as compared to an underwritten coverage of 1.50x. The project has underperformed estimates over the past year due to increased vacancy rates and other credit losses. The project owner, Union Court LLC, has taken steps to stem losses by replacing the project manager and renaming the project. The rating continues to reflect: A well-maintained family apartment complex with an affordable, and slightly competitive rental structure; Adequate oversight by Community Services of Arizona (CSA); A broad and expanding Phoenix,
