Standard&Poor's Ratings Services raised its rating on Capital Trust Agency, Fla.'s (Stonybrook Apartments project) series 2012A and taxable series 2012A-T multifamily housing revenue bonds, issued for Global Ministries Fellowship (GMF), one notch to 'A' from 'A-'. The rating is also removed from CreditWatch, where it was placed with developing implications on July 14, 2014. The outlook is stable. The CreditWatch placement was due to the pending application of our revised criteria, "Rating Methodology and Assumptions for Affordable Multifamily Housing Bonds", published June 19, 2014, on RatingsDirect. The raised rating reflects our view of these strengths: Strong management and ownership from GMF-Preservation of Affordability Corp. (GMF-PAC); The high 93% project occupancy as of May 2014; A high demand for
