NV Homestead Apartments Ltd., FL Bond Rating Lowered To 'BBB-' And Placed On Watch Negative On Insufficient Information

CENTENNIAL (S&P Global Ratings) March 29, 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. to 'BBB-' from 'BBB'. We also placed the rating on Credit Watch with negative implications. "The rating action reflects our assessment of the project's ownership as weak," said S&P Global Ratings credit analyst Joanie Monaghan. "In our view, effective ownership is a key driver of an affordable housing program's economic feasibility and sustainability. When a project has poor ownership and governance it is susceptible to both operational and financial declines." The CreditWatch follows our difficulty in obtaining updated information related to the

...CENTENNIAL (S&P Global Ratings) March 29, 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. to '###-' from '###'. We also placed the rating on Credit Watch with negative implications. "The rating action reflects our assessment of the project's ownership as weak," said S&P Global Ratings credit analyst Joanie Monaghan. "In our view, effective ownership is a key driver of an affordable housing program's economic feasibility and sustainability. When a project has poor ownership and governance it is susceptible to both operational and financial declines." The CreditWatch follows our difficulty in obtaining updated information related to the financial performance of the project from the owner and management (NV Homestead Apartments and The CT Group LLC). We have not received financial information for the project and the information...

Ratings Action