Standard&Poor's Ratings Services has lowered its rating on Maricopa County Industrial Development Authority, Ariz.'s senior living facilities revenue bonds series 2004A, issued on behalf of the Christian Care Mesa II Inc. project, to 'CC' from 'BB', due to a continued declining financial performance and the increased risk associated with the need to use the debt service reserve fund in the next 12 months. The downgrade reflects the following weaknesses: Continuing decline in the debt service coverage level for the property, with coverage levels decreasing to 0.35x maximum annual debt service (MADS) based on 2007 financial results; Increase in expenses leading to deterioration in the expense ratio; Further decline in occupancy levels at the project; and Debt service reserve
