Standard&Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'BB' rating on Maricopa County Industrial Development Authority, Ariz.'s senior living facilities revenue bonds series 2004A and 2004B, issued on behalf of the Christian Care Mesa II Inc. project. The rating reflects the following credit weaknesses: Project occupancy is below forecasted levels at 76% for 2007, as compared to an anticipated rate of 85% established at closing, and; Low debt service coverage of 0.48x maximum annual debt service (MADS) based on the audited financial statement for fiscal 2006. Debt service payments continue to be made when due and the debt service reserve fund remains fully funded because of continued subsidies from an unrated source to
