The rating on White Bear Lake, Minn.'s bonds is removed from CreditWatch, where it was placed Sept. 26, 1996. The upgrade reflects the issue's dependence on an investment agreement with Crown Life Insurance Co., which was recently upgraded to 'A-' from 'BBB+'. The agreement covers the debt service reserve fund that is responsible for full and timely debt service payments in the event of a mortgage note default. Other rating factors include: * The strong credit quality of the mortgage note on the underlying project insured by FHA under Section 221(d)4 of the National Housing Act, * A fully funded debt service reserve fund, and * An asset-to-liability ratio of 104.34% as of September 1996. As of Sept. 13, 1996,
