...July 17, 2023 CHICAGO (S&P Global Ratings) July 17, 2023--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 to nearly 2.0x in 2022, and improvements to credit fundamentals over the last two years," said S&P Global Ratings credit analyst Caroline West. Given these improvements, including renewal of the transaction's Housing Assistance Payments contract, receipt of low-income housing tax credits allocation, increased rental revenue, and an improved Real Estate Assessment Center score, we believe the finances are likely to continue improving over the next year. In our view, there is at least a one-in-three likelihood that we could raise our rating again by one or more notches over...
