CENTENNIAL (S&P Global Ratings) June 24, 2020--S&P Global Ratings lowered its long-term rating to 'CCC' from 'B+' 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. The outlook is negative. "The downgrade on the bonds reflects implementation of our Methodology for Rating U.S. Public Finance Rental Housing Bonds," said S&P Global Ratings credit analyst Joanie Monaghan. The rating is no longer under criteria observation. The rating reflects our view of the following credit characteristics: The second consecutive year of below 1.0x S&P-calculated debt service coverage (DSC), calculated as 0.81x for fiscal 2019, using maximum annual debt service (MADS), which occurs in 2021; Very
