Moody's Investors Service has revised its outlook to stable from positive on Bethel Terrace Apartments' Baa3 rating due to a significant decrease in investment earnings.
The project's $5.9 million of debt was sold as senior-living revenue bonds through the Illinois Finance Authority in 2005 on behalf of the Englewood Cooperative Apartments.
The rating is based on the portfolio's solid financial performance supported by Section 8 housing assistance payment contract revenue and tenant rents, well-funded reserve accounts and a strong legal structure.
Bethel Terrace Apartments is an 11-story, 122-unit facility on Chicago's South Side serving the needs of low-income elderly residents.
