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Global Ministries Fellowship, TN Series 2011A Housing Revenue Bond Rating Lowered To 'D' From 'CCC+' On Missed Payment

Published Jun 13, 2016

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Abstract:

SAN FRANCISCO (S&P Global Ratings) June 13, 2016--S&P Global Ratings lowered its rating to 'D' from 'CCC+' on the Memphis Health Educational and Housing Facility Board, Tenn.'s multifamily housing revenue bonds, series 2011A, issued on behalf of Global Ministries Fellowship for the Warren/Tulane Section 8 affordable housing project (Warren/Tulane project). Furthermore, S&P Global Ratings also removed the bonds from CreditWatch with negative implications. "The 'D' rating on the bonds reflects the missed interest and principal payments on the scheduled June 1, 2016, debt service payment date," said S&P Global Ratings credit analyst Jose Cruz. The bonds are currently in payment default. RELATED CRITERIA AND RESEARCH Related Criteria USPF Criteria: Rating Methodology And Assumptions For Affordable Multifamily Housing Bonds, June 19,

Report Type:

Ratings Action

Issuer

Global Ministries Fellowship

Sector

Global Issuers, Public Finance

Country

United States

Region

United States

Format:

PDF

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MLA:	S&P Global Ratings’ Credit Research. "Global Ministries Fellowship, TN Series 2011A Housing Revenue Bond Rating Lowered To 'D' From 'CCC+' On Missed Payment" Jun 13, 2016. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Global-Ministries-Fellowship-TN-Series-2011A-Housing-Revenue-Bond-Rating-Lowered-To-D-From-CCC-On-Missed-Payment-1654722>

APA:	S&P Global Ratings’ Credit Research. (). Global Ministries Fellowship, TN Series 2011A Housing Revenue Bond Rating Lowered To 'D' From 'CCC+' On Missed Payment Jun 13, 2016. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Global-Ministries-Fellowship-TN-Series-2011A-Housing-Revenue-Bond-Rating-Lowered-To-D-From-CCC-On-Missed-Payment-1654722>

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