Standard&Poor's Ratings Services assigned its 'BBB-' long-term rating to the Washington State Housing Finance Commission's $52.245 million refunding revenue bonds issued for Wesley Homes Inc. The rating reflects the successful completion and ramp-up of its second long-term care community in Auburn, Wash., high occupancy levels at its Des Moines facilities, solid excess margins and adjusted maximum annual debt service coverage (MADS), and a strong balance sheet. The outlook is stable. Specifically, the rating and outlook reflect: Strong occupancy levels at the Des Moines property and rapid ramp-up at the new Auburn property, Lea Hills, well ahead of schedule; A good operating margin in fiscal 2006 of 4.3% and a breakeven operating budget for 2008 based upon the successful
