Standard & Poor's Corp. last week dropped the ratings on three Federal Housing Administration-backed housing issues to BBB from AAA, citing "inadequate" asset levels.

The three deals, totaling $5.78 million, were sold in 1982 by local housing agencies in North Carolina. Nancy Olsen, vice president in the mortgage-related surveillance group at Standard & Poor's, said the cut resulted from an "aggressive" review that turned up anomalies in the three issues.

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