DALLAS — Moody’s Investors Service lowered its rating on two series of bonds issued by the Bexar County Housing Finance Corp. on behalf of the Cinnamon Creek Apartments in San Antonio following a review of a 2006 audit, interim financials for fiscal 2007, and occupancy reports.

Analysts downgraded $12.8 million of Series 2002A bonds to Ba2 from Ba1 and $1.3 million of Series 2002B to Ba3 from Ba2. The outlook on the debt, which was sold through the American Opportunity for Housing Inc. program, remains negative.

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