Global Ministries Fellowship, TN Series 2011 TM Alexander Apartments Project Bond Rating Revised To 'AA+' From 'BB+'

SAN FRANCISCO (S&P Global Ratings) Feb. 8, 2017--S&P Global Ratings revised its rating on Capital Trust Agency, Fla.'s multifamily housing revenue bonds (TM Alexander Apartments Project), series 2011, issued for GMF-TM Alexander LLC, to 'AA+' from 'BB+'. The outlook is stable. 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." The rating action reflects our view of the planned defeasance of the bonds through the deposit of cash in an escrow fund on Feb. 1, 2017, and the application of our escrow criteria, "Assigning Ratings To Bonds In The

...SAN FRANCISCO (S&P Global Ratings) Feb. 8, 2017--S&P Global Ratings revised its rating on Capital Trust Agency, Fla.'s multifamily housing revenue bonds (TM Alexander Apartments Project), series 2011, issued for GMF-TM Alexander LLC, to '##+' from '##+'. The outlook is stable. 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." The rating action reflects our view of the planned defeasance of the bonds through the deposit of cash in an escrow fund on Feb. 1, 2017, and the application of our escrow criteria, "Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral." The bonds are due to be redeemed in full at the redemption price of par plus accrued interest on July 1, 2021, the bonds' optional redemption date. "The rating reflects our opinion of the sufficient collateral,...

Ratings Action