Standard&Poor's Ratings Services affirmed its 'BBB' long-term rating on Minneapolis, Minn.'s (Olson Townhouses) Section 8 assistant multifamily housing revenue bonds series 1993. The outlook is stable. The affirmation reflects our view of the following: Improvement in debt service coverage levels to 1.21x maximum annual debt service (MADS) level based on the audited financial statements for the fiscal 2009; Recent rental increase received by the project in 2009 as contract rents are below fair market rent; Decrease in expenses leading to improvement in the expense ratio; Debt service reserve fund funded at MADS; and Strong occupancy rates at the property with a waiting list of 450 families. In our opinion, the stable outlook reflects the improved operating performance of
