...August 7, 2024 CHICAGO (S&P Global Ratings) Aug. 7, 2024--S&P Global Ratings raised its rating two notches to 'B+' from 'B-' on Capital Trust Agency, Fla.'s series 2018A multifamily housing revenue bonds (Coral Gardens Apartments Project), issued on behalf of the borrower, NV Homestead Apartments LP. The outlook is positive. "The upgrade and positive outlook reflect the transaction's material increase in debt service coverage to over 2.1x in 2023, and our expectation that, based on recent revenue growth, the property could sustain the recent improvements over the next year, resulting in ongoing improvement in credit quality," said S&P Global Ratings credit analyst Caroline West. The bonds are secured by a pledge and assignment of the trust estate, including revenue from the project and funds deposited under the indenture, including payments made by the borrower pursuant to the loan agreement dated Feb. 1, 2018. A primary source of revenue to the trust estate is derived from the Housing...
