Clark Retirement Community Inc., MI Rating Outlook Revised To Stable On Improved Operations

NEW YORK Sept. 3, 2008--Standard & Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'BBB-' standard long-term rating and 'BBB-' underlying rating (SPUR) on the Michigan Strategic Fund's series 2006 and 1998 revenue bonds, issued for Clark Retirement Community Inc. (Clark).

"The stable outlook reflects Clark's strong occupancy levels and improved operating performance over the past two years," said Standard & Poor's credit analyst Stephen Infranco.

While operations are still negative, the improved results, coupled with steady investment income and increased contributions, contributed to a positive excess surplus in fiscal 2008.

For a complete copy of S&P's news release on this property, please contact Christopher Mortell, New York (1) 212-438-3446 christopher_mortell@standardandpoors.com

Analyst Contacts: Stephen Infranco, New York (1) 212-438-2025; Antionette W Maxwell, Chicago (1) 312-233-7016