The series A City of Indianapolis multifamily revenue bonds (Sunrise Apartments Project) have been downgraded from CCC to C by Fitch Ratings.The $3.3 million in bonds are secured by a first mortgage on the 320-unit Sunrise Apartments project, which is required by state and federal laws to offer 20% of its units to families with incomes at or below 50% of the area's median income. Fitch attributed the downgrade to "the property's weak operating performance, the exhaustion of the series A debt service reserve balance, and the limited availability of refinancing options." The rating agency can be found online at http://www.fitchratings.com.
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