Standard&Poor's Ratings Services revised the outlook on Minneapolis, Minn.'s (Olson Townhouses) Section 8 assisted multifamily housing revenue bonds series 1993 to positive from stable, based on our opinion of the property's strong operating performance. At the same time, Standard&Poor's affirmed its 'BBB' long-term rating on the bonds. The rating reflects our opinion of the following strengths: Strong debt service coverage level of 1.25x maximum annual debt service (MADS), based on the audited financial statements for fiscal year 2011; Recent rental increase received by the project in 2011 as contract rents are below fair market rent; Increase in incomes and decline in expenses leading to improvement in the expense ratio; Debt service reserve fund funded at MADS;
