S&P Global Ratings affirmed its'B+(sf)'rating on Capital Trust Agency , Florida's series 2018A multifamily housing revenue bonds (Coral Gardens Apartments project), issued on behalf of the borrower, NV Homestead Apartments L.P . The outlook is stable. 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 federal Section 8 Housing Assistance Payments (HAP) contract that was transferred to the borrower from the seller at closing. Approximately $6.9 million in bond proceeds were loaned to the borrower,
