DENVER (S&P Global Ratings) July 1, 2022--S&P Global Ratings revised its outlook to stable from negative and affirmed its 'CCC' rating on Capital Trust Agency, Fla.'s series 2018 A multifamily housing revenue bonds (Coral Gardens Apartments Project), issued on behalf of the borrower, NV Homestead Apartments Ltd. "The outlook revision reflects improved S&P Global Ratings' calculated debt service coverage to above at least 1.10x over the past two fiscal years 2020 and 2021, trust estate accounts that have been funded in a full and timely manner according to transaction documents, and favorable financial performance in fiscal 2022, as evidenced by year-to-date information through April 2022," said S&P Global Ratings credit analyst Joan Monaghan. While we continue to believe that the
