Standard&Poor's Ratings Services lowered its rating on Rhode Island Health and Educational Building Corp.'s FHA-insured revenue refunding bonds (Roger Williams Realty Corporation Project) series 1999 to 'BB' from 'A-' and removed it from CreditWatch with negative implications based on our review of cash flow projections and cash balances submitted by the issuer. Based on the original structure of this issue, the debt service reserve and bond fund were invested pursuant to a guaranteed investment contract (GIC) with AIG (A-/Negative) earning 6.21%. The GIC was terminated by the issuer, and the funds have been reinvested in a money market fund earning a lower rate of return. The issuer submitted cash flow reports that show a loss of future interest
