Standard&Poor's Ratings Services lowered its long-term rating to 'BB-' from 'BB+' on Portland, Ore.'s series 1998 (Yards at Union Station Project) multifamily housing revenue bonds. The outlook is stable. The rating reflects our view of the project's: Insufficient revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds plus fees until maturity; Reliance on short-term market rate investments; and Projected asset-to-liability parity, which is projected to fall to less than 100% in 2027. Partly offsetting the above weaknesses are our view of the: Very strong credit quality of the Fannie Mae pass-through certificate, which we consider to be eligible for a 'AA+' rating; Asset-to-liability ratio of 100.83 as of
