Capital Trust Agency, Florida NV Homestead Apartments LP; Section 8

S&P Global Ratings raised its rating to 'B-' from 'CCC' on Capital Trust Agency, Fla.'s series 2018A multifamily housing revenue bonds (Coral Gardens Apartments Project), issued on behalf of the borrower, NV Homestead Apartments LP. The outlook is positive. The upgrade and positive outlook reflect the transaction's material improvement in debt service coverage (DSC) to nearly 2.0x in 2022, and our expectation that given improvements to credit fundamentals over the last two years, including renewal of the transaction's Housing Assistance Payments (HAP) contract, receipt of low-income housing tax credits (LIHTC) allocation, increased rental revenue, and an improved Real Estate Assessment Center (REAC) score, the finances are likely to continue improving over the next year. The bonds are secured by a

...+ S&P Global Ratings raised its rating to 'B-' from '###' on Capital Trust Agency, Fla.'s series 2018A multifamily housing revenue bonds (Coral Gardens Apartments Project), issued on behalf of the borrower, NV Homestead Apartments LP. + The outlook is positive. + The upgrade and positive outlook reflect the transaction's material improvement in debt service coverage (DSC) to nearly 2.0x in 2022, and our expectation that given improvements to credit fundamentals over the last two years, including renewal of the transaction's Housing Assistance Payments (HAP) contract, receipt of low-income housing tax credits (LIHTC) allocation, increased rental revenue, and an improved Real Estate Assessment Center (REAC) score, the finances are likely to continue improving over the next year....

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