Global Ministries Fellowship-Serenity Towers, TN 'BB' Bond Rating Placed On Watch Neg Over Borrower's Management Ability - S&P Global Ratings’ Credit Research

Global Ministries Fellowship-Serenity Towers, TN 'BB' Bond Rating Placed On Watch Neg Over Borrower's Management Ability

Global Ministries Fellowship-Serenity Towers, TN 'BB' Bond Rating Placed On Watch Neg Over Borrower's Management Ability - S&P Global Ratings’ Credit Research
Global Ministries Fellowship-Serenity Towers, TN 'BB' Bond Rating Placed On Watch Neg Over Borrower's Management Ability
Published Mar 06, 2017
3 pages (1189 words) — Published Mar 06, 2017
Price US$ 150.00  |  Buy this Report Now

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Abstract:

NEW YORK (S&P Global Ratings) March 6, 2017--S&P Global Ratings placed its 'BB' rating on Health Educational and Housing Facility Board of Memphis, Tenn.'s (Global Ministries Fellowship–Serenity Towers LLC) series 2013A and 2013A-T (taxable) multifamily housing revenue bonds, issued for the Serenity Towers Apartments project on CreditWatch negative. "The lowered rating reflects our ongoing concern regarding the borrower's ability to effectively manage its Section 8 Housing Assistance Payment (HAP) backed properties," said S&P Global Ratings credit analyst Raymond Kim. According to a notice from the trustee dated Feb. 10, 2017, the project is in default regarding its HAP contact with HUD, after scoring a 57 out of 100 on its most recent inspection on May 19, 2016. The borrower, Global

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) March 6, 2017--S&P Global Ratings placed its '##' rating on Health Educational and Housing Facility Board of Memphis, Tenn.'s (Global Ministries Fellowship¡Serenity Towers LLC) series 2013A and 2013A-T (taxable) multifamily housing revenue bonds, issued for the Serenity Towers Apartments project on CreditWatch negative. "The lowered rating reflects our ongoing concern regarding the borrower's ability to effectively manage its Section 8 Housing Assistance Payment (HAP) backed properties," said S&P Global Ratings credit analyst Raymond Kim. According to a notice from the trustee dated Feb. 10, 2017, the project is in default regarding its HAP contact with HUD, after scoring a 57 out of 100 on its most recent inspection on May 19, 2016. The borrower, Global Ministries Fellowship ¡ Serenity Towers LLC (GMF), failed to report this default to the trustee on a timely basis, and reported the default to the trustee on January 26, 2017. The borrower's delay in reporting...

  
Report Type:

Ratings Action

Issuer
Global Ministries Fellowship
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Global Ministries Fellowship-Serenity Towers, TN 'BB' Bond Rating Placed On Watch Neg Over Borrower's Management Ability" Mar 06, 2017. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Global-Ministries-Fellowship-Serenity-Towers-TN-BB-Bond-Rating-Placed-On-Watch-Neg-Over-Borrower-s-Management-Ability-1810672>
  
APA:
S&P Global Ratings’ Credit Research. (). Global Ministries Fellowship-Serenity Towers, TN 'BB' Bond Rating Placed On Watch Neg Over Borrower's Management Ability Mar 06, 2017. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Global-Ministries-Fellowship-Serenity-Towers-TN-BB-Bond-Rating-Placed-On-Watch-Neg-Over-Borrower-s-Management-Ability-1810672>
  
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