Capital Trust Agency, Florida NV Homestead Apartments Ltd.; Section 8

S&P Global Ratings assigned its 'BBB' rating to Capital Trust Agency, Fla.'s series 2018A multifamily housing revenue bonds (Coral Gardens Apartments Project), issued on behalf of the borrower, NV Homestead Apartments Ltd. The outlook is stable. The 'BBB' rating reflects the application of our affordable multifamily housing criteria, published June 19, 2014, and more specifically our view of the project's: Strong governmental support, evidenced by a pledge of revenue to bondholders from the U.S. Department of Housing and Urban Development (HUD) Section 8 Housing Assistance Program (HAP) contract through the contract term, the pledge of anticipated renewal contracts, and HUD's oversight of the Section 8 contract; Experienced ownership and management with an established presence in the sector; and A borrower

...S&P Global Ratings assigned its '###' rating to Capital Trust Agency, Fla.'s series 2018A multifamily housing revenue bonds (Coral Gardens Apartments Project), issued on behalf of the borrower, NV Homestead Apartments Ltd. The outlook is stable. The '###' rating reflects the application of our affordable multifamily housing criteria, published June 19, 2014, and more specifically our view of the project's: + Strong governmental support, evidenced by a pledge of revenue to bondholders from the U.S. Department of Housing and Urban Development (HUD) Section 8 Housing Assistance Program (HAP) contract through the contract term, the pledge of anticipated renewal contracts, and HUD's oversight of the Section 8 contract; + Experienced ownership and management with an established presence in the sector; and + A borrower that is, in our opinion, a bankruptcy-remote entity. Partially offsetting the above factors are, in our view, the following weaknesses of the project: + Highly vulnerable loss coverage...

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