Standard&Poor's Ratings Services affirmed its 'AAA' rating on White Bear Lake, Minn.'s FHA-insured multifamily refunding bonds (Lake Square Partners Project) series 1996A. The bonds are secured by a mortgage loan, which is insured under section 221 (d) 4 of the National Housing Act. The rating continues to reflect: The extremely-high credit quality of the FHA-insured mortgage loan collateral; Sufficiency of assets and revenues to pay debt service and expenses; A debt service reserve fund (DSRF) sized at eight months' debt service on the bonds; Extremely strong investment quality; and An asset-to-liability position of 129.90% as of Aug. 21, 2008. The bonds were issued to refund a prior bond issue. Lake Square Apartments is an 89-unit apartment project in
