Standard & Poor’s upgraded Lake Grace Apartments’ rating to investment-grade level last week, noting that in fiscal 2008 the project maintained stable debt service coverage levels of 1.28 times on its senior-lien debt and 1.13 times on its junior-lien debt.

The agency raised the credit to BBB from BB-plus on the apartment complex’s 1997 bonds issued through the Carver County Housing and Redevelopment Authority, which has owned the property since 1993.

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