CENTENNIAL (S&P Global Ratings) May 2, 2019--S&P Global Ratings lowered its rating on Capital Trust Agency, Fla.'s series 2018 A multifamily housing revenue bonds (Coral Gardens Apartments Project), issued on behalf of the borrower, NV Homestead Apartments Ltd., four notches to 'B+' from 'BBB-'. The outlook is negative. At the same time, we removed the rating from CreditWatch, where it was placed on March 29, 2019, with negative implications. "The negative outlook reflects our view of the project's weak financial condition as evidenced by the 2018 fiscal year-end debt service coverage (DSC) below 1.0x, poor asset quality, very weak strategy and management, and very poor loss coverage assessment," said S&P Global Ratings credit analyst Joan Monaghan. "We believe there is
