NEW YORK (S&P Global Ratings) June 30, 2021--S&P Global Ratings lowered its ratings on Capital Trust Agency, Fla.'s series 2018A senior living bonds to 'CC' from 'B+' and second-tier series 2018B senior living bonds to 'CC' from 'B-'. The bonds were issued on behalf of the borrower, H-Bay Ministries Inc., Texas, for the Superior Residences project in Florida. At the same time, we removed both ratings from CreditWatch where they were originally placed with negative implications March 1, 2021. The outlook is negative. The bonds were placed on CreditWatch with negative implications, based on persistently low occupancy, as well as financial statements that lacked independent third-party audits. The CreditWatch placement was extended on May 26, 2021. The rating on the
