In our view, the stable outlook reflects the strong operating and financial performance of the property as well as its ability to pay debt service on the bonds at this rating level. Nonetheless, as the contract rents are above the fair market rents, it is highly unlikely that the project will continue to receive significant rental increases. Additionally, it is vital that the property maintains its occupancy levels to avoid any deterioration in the credit quality of the issue. USPF Criteria: "Federally Subsidized Housing Programs," June 18, 2007 USPF Criteria: "Review Of Investment Agreements For Municipal Revenue Bond Financings," June 26, 2007
