...SAN FRANCISCO (S&P Global Ratings) Dec. 20, 2018--S&P Global Ratings raised its rating on Capital Trust Agency, Fla.'s multifamily housing revenue bonds (GMF Stonybrook Apartments), series 2012A, issued for GMF Stonybrook LLC, Tenn., to '##+' from '###+'. The outlook is stable. "The rating action reflects our view of the planned defeasance of the bonds through the deposit of cash in an escrow fund on Dec. 21, 2018, and the application of our escrow criteria, 'Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral,'" said S&P Global Ratings credit analyst Jose Cruz. Based on the impending sale of the project, GMF will enter into a defeasance that will change the structure and security of the debt from rental revenue originally assessed under our "Rating Methodology And Assumptions For Affordable Multifamily Housing Bonds" criteria to funds held in escrow. The bonds are due to be redeemed in full at the redemption price of par plus accrued interest on April 1, 2022, the bonds'...
