Memphis Health, Educational,&Housing Facility Board, TN Debt Rating Raised 15 Notches To 'AA+' On Planned Defeasance

NEW YORK (S&P Global Ratings) Sept. 14, 2018--S&P Global Ratings raised its rating on Memphis Health, Educational,&Housing Facility Board, Tenn.'s series 2010 multifamily housing revenue bonds, issued for Global Ministries Fellowship's Goodwill Village apartments project, 15 notches to 'AA+' from 'CCC+'. The outlook is stable. The rating action reflects S&P Global Ratings' opinion of the planned bond defeasance through the deposit of cash into an escrow fund on Sept. 13, 2018, from a property sale. "We believe negative rating actions on the U.S. government would result in negative rating actions on the bonds," said S&P Global Ratings credit analyst Emily Avila. "Positive rating actions on the U.S. government would result in positive rating actions on the bonds." The

...NEW YORK (S&P Global Ratings) Sept. 14, 2018--S&P Global Ratings raised its rating on Memphis Health, Educational, & Housing Facility Board, Tenn.'s series 2010 multifamily housing revenue bonds, issued for Global Ministries Fellowship's Goodwill Village apartments project, 15 notches to '##+' from '###+'. The outlook is stable. The rating action reflects S&P Global Ratings' opinion of the planned bond defeasance through the deposit of cash into an escrow fund on Sept. 13, 2018, from a property sale. "We believe negative rating actions on the U.S. government would result in negative rating actions on the bonds," said S&P Global Ratings credit analyst Emily Avila. "Positive rating actions on the U.S. government would result in positive rating actions on the bonds." The bonds are due to be refunded in full at the redemption price of par plus accrued interest on Dec. 1, 2020. The stable outlook reflects S&P Global Ratings' opinion of the outlook on the U.S. government, which is backing the...

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