Standard&Poor's Ratings Services has affirmed its 'BB+' long-term rating on North Carolina Medical Care Commission's (McDowell Nursing Center) multifamily housing revenue bonds series 2002A, based on our view of the project's reliance on short-term market rate investments. Credit strengths for this issue include our view of the following: The high credit quality of the Ginnie Mae mortgage-backed security, which we consider 'AA+' eligible under our ratings criteria; Investments held in Fidelity Institutional Money Market Funds: Treasury Portfolio money market fund (AAAm); and An asset/liability parity of 101.65% as of April 30, 2012. Offsetting factors include our view of the following: Revenues from mortgage debt service payments and investment earnings are insufficient to pay full and timely debt service
