Global Ministries Fellowship, TN 2012 Housing Bond Rating Raised To 'AA+' From 'CCC' On Defeasance Through Escrow Fund - S&P Global Ratings’ Credit Research

Global Ministries Fellowship, TN 2012 Housing Bond Rating Raised To 'AA+' From 'CCC' On Defeasance Through Escrow Fund

Global Ministries Fellowship, TN 2012 Housing Bond Rating Raised To 'AA+' From 'CCC' On Defeasance Through Escrow Fund - S&P Global Ratings’ Credit Research
Global Ministries Fellowship, TN 2012 Housing Bond Rating Raised To 'AA+' From 'CCC' On Defeasance Through Escrow Fund
Published Dec 15, 2020
2 pages (1188 words) — Published Dec 15, 2020
Price US$ 150.00  |  Buy this Report Now

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Abstract:

SAN FRANCISCO (S&P Global Ratings) Dec. 15, 2020--S&P Global Ratings raised its rating on Louisiana Local Government Environmental Facilities Community Development Authority's (Peace Lake Towers) series 2012 multifamily housing revenue bonds, issued for Global Ministries Fellowship, Tenn., 16 notches to 'AA+' from 'CCC'. The outlook is stable. "The rating action reflects our opinion of the planned bond defeasance through the deposit of cash into an escrow fund on Dec. 17, 2020," said S&P Global Ratings credit analyst Jose Cruz. The bonds are due to be refunded in full at the redemption price of par plus accrued interest on March 1, 2022, the bonds' optional-redemption date. This rating reflects our opinion of the project's: Sufficient collateral and interest earnings to pay

  
Brief Excerpt:

...December 15, 2020 SAN FRANCISCO (S&P Global Ratings) Dec. 15, 2020--S&P Global Ratings raised its rating on Louisiana Local Government Environmental Facilities Community Development Authority's (Peace Lake Towers) series 2012 multifamily housing revenue bonds, issued for Global Ministries Fellowship, Tenn., 16 notches to '##+' from '###'. The outlook is stable. "The rating action reflects our opinion of the planned bond defeasance through the deposit of cash into an escrow fund on Dec. 17, 2020," said S&P Global Ratings credit analyst Jose Cruz. The bonds are due to be refunded in full at the redemption price of par plus accrued interest on March 1, 2022, the bonds' optional-redemption date. This rating reflects our opinion of the project's: - Sufficient collateral and interest earnings to pay principal and interest on all bonds through optional redemption on March 1, 2022; - Very high-quality investments, including U.S. government obligations that meet our minimum requirements commensurate...

  
Report Type:

Ratings Action

Issuer
Global Ministries Fellowship
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "Global Ministries Fellowship, TN 2012 Housing Bond Rating Raised To 'AA+' From 'CCC' On Defeasance Through Escrow Fund" Dec 15, 2020. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Global-Ministries-Fellowship-TN-2012-Housing-Bond-Rating-Raised-To-AA-From-CCC-On-Defeasance-Through-Escrow-Fund-2571212>
  
APA:
S&P Global Ratings’ Credit Research. (). Global Ministries Fellowship, TN 2012 Housing Bond Rating Raised To 'AA+' From 'CCC' On Defeasance Through Escrow Fund Dec 15, 2020. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Global-Ministries-Fellowship-TN-2012-Housing-Bond-Rating-Raised-To-AA-From-CCC-On-Defeasance-Through-Escrow-Fund-2571212>
  
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