Standard&Poor's Ratings Services lowered its rating on North Carolina Medical Care Commissions' multifamily housing revenue bonds (McDowell Nursing Center) series 2002A to 'BB+' from 'AAA', and removed it from CreditWatch with negative implications. The rating action is based on our view of the project's reliance on short-term market rate investments. The rating reflects 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 2035. Credit strengths in the issue include our view of: The high credit quality of the Ginnie Mae mortgage-backed security (considered to be 'AAA' eligible);
