Standard&Poor's Ratings Services affirmed its 'CC' long-term 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. The outlook is negative. The affirmation reflects our view of the following strengths: Increase in incomes leading to an improvement in expense ratio; and Improvement in occupancy levels as compared to the previous year's levels. However, the above strengths are partially offset by our opinion of the following weaknesses: Debt service reserve fund (DSRF) funded at five months' maximum annual debt service; Funds drawn from the DSRF in the last 12 months to service debt; and High loan-to-value ratio. In our view, the negative outlook
