Meanwhile, AMLI Residential Properties Trust said it was disappointed by the Moody's downgrades but that it has made only "limited use" of its investment-grade rating and has no bond issues that will be adversely affected."Unencumbered by the rating agency process to maintain an investment credit rating, AMLI believes it will have greater flexibility to pursue co-investment acquisition and development opportunities" and will use secured rather than unsecured debt, especially in its joint ventures, said Robert J. Chapman, executive vice president and chief financial officer at AMLI. The real estate investment trust can be found online at http://www.amli.com.

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