CENTENNIAL (S&P Global Ratings) Aug. 16, 2019--S&P Global Ratings lowered its long-term rating on Capital Trust Agency, Fla.'s series 2018 A-1 and 2018A-2 (taxable) senior living bonds to 'BBB(sf)' from 'A-(sf)', and the agency's second-tier 2018B senior living revenue bonds to 'BBB-(sf)' from 'BBB(sf)', issued for H-Bay Ministries, Inc., Texas' Superior Residences project. The outlook for all ratings is stable. "The downgrades follow a revision in our view of the project's strategy and management to adequate from strong, which reflects our updated understanding of owner The Emmaus Calling, Inc.'s track record, strategic planning process, and operational effectiveness," said S&P Global Ratings credit analyst Daniel Pulter. The stable outlook reflects our view that the project will perform at a level commensurate
