Standard&Poor's Ratings Services 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. The rating continues to reflect our view of the following: Revenues from mortgage debt service payments and investment earnings are insufficient to pay full and timely debt service on the bonds plus fees until maturity; and Asset/liability parity is projected to fall below 100% in January 2035. Credit strengths of the issue include our opinion of: The high credit quality of the Ginnie Mae mortgage-backed security, which we consider to be 'AA+' eligible; Investments held in Fidelity Institutional Money Market Funds: Treasury
