S&P Global Ratings raised its rating on Minneapolis' series 1993 multifamily housing revenue bonds (Olson Townhouses Section 8-assisted project) to 'A' from 'A-'. The outlook is stable. The rating reflects our opinion of the project's: Strong financial performance, evidenced by debt service coverage (DSC) of 1.32x maximum annual debt service (MADS) based on the three-year average of audited financials at fiscal year-end 2016; Extremely strong loss coverage on the bonds based on our view of a very low LTV ratio of 21% and the issue's age; Extremely high operating performance based on its 99.14% economic occupancy rate for fiscal 2016 and a strong waiting list of 89; A debt service reserve fund (DSRF) sized at over 12 months' MADS; Strong
