The multifamily housing revenue bonds of the St. Cloud (Minn.) Housing & Redevelopment Authority (Parkview Terrace Apartments Project), series 1999A, have been downgraded from B to D by Standard & Poor's."The downgrade reflects a missed debt service payment on June 1, 2006, in the amount of $86,000 and the project's long history of poor financial performance," said Renee Berson, an S&P credit analyst. The rating agency said the trustee, U.S. Bank NA, has indicated that future principal payments are "uncertain."
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