Standard&Poor's Ratings Services affirmed its 'A' long-term rating on Minneapolis, Minn.'s (Nicollet Towers project) Section 8-assisted multifamily housing revenue bonds series 1996. The outlook is stable. The rating continues to reflect our opinion of the following: Strong debt service coverage (DSC) of 1.44x maximum annual debt service (MADS) based on audited financial results for the fiscal ended June 2010; History of annual rental increases for the past three years; Strong occupancy rates at the project with 500 families on the waiting list; Debt service reserve fund (DSRF) funded at 12 months' MADS; Good condition of the property as indicated by a high real estate assessment centre score (REAC) of 92b; and Investments held in a guaranteed investment contract
