The rating on New Jersey Health Care Facilities Financing Authority mortgage revenue refunding bonds (FHA Insured - Spectrum for Living) series B, issued on behalf of Spectrum Foreign Living Development Inc., is affirmed. The bonds are secured by a mortgage note that is insured by FHA under section 232 of the National Housing Act. The rating continues to reflect: Investments held in 'AAA' rated U.S. treasury securities and 'AAAm' rated Pillar U.S. Treasury money market fund; A debt service reserve sufficient to meet liquidity shortfalls in the event of a mortgage note default; and An asset-to-liability ratio of 107.86% as of Feb. 13, 2001. The bonds were issued to refund a prior series of bonds. The mortgage loan is insured
