Standard&Poor's Ratings Services lowered its long-term rating to 'B+' from 'BB-' on Nevada Housing Division's series 2002A multifamily housing revenue bonds (Whittell Pointe Apartments). The outlook is stable. The lowered rating is due to our view of the project's inability to meet all costs from transaction cash flows at the 'BB-' level. The rating reflects our view of the following: Insufficient revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until the mandatory tender on April 1, 2024; A projected decline in asset-to-liability parity to below 1x from April 1, 2020, onward; and The insufficiency of funds to cover reinvestment risk in the event of prepayment, based on
