Summary: Capital Trust Agency, Florida Global Ministries Fellowship; Section 8

S&P Global Ratings revised its rating on Capital Trust Agency, Fla.'s multifamily housing revenue bonds (Civic Towers Apartments Project), series 2011, issued for GMF-Civic Towers LLC, to 'AA+' from 'BB+'. The outlook is stable. Based on the impending sale of the project, GMF will enter into a defeasance which will change the structure and security of the debt from rental revenue originally assessed under our "Rating Methodology And Assumptions For Affordable Multifamily Housing Bonds." The rating action reflects our view of the planned defeasance of the bonds through the deposit of cash in an escrow fund on Feb. 1, 2017, and the application of our escrow criteria, "Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral." The bonds

...S&P Global Ratings revised its rating on Capital Trust Agency, Fla.'s multifamily housing revenue bonds (Civic Towers Apartments Project), series 2011, issued for GMF-Civic Towers LLC, to '##+' from '##+'. The outlook is stable. Based on the impending sale of the project, GMF will enter into a defeasance which will change the structure and security of the debt from rental revenue originally assessed under our "Rating Methodology And Assumptions For Affordable Multifamily Housing Bonds." The rating action reflects our view of the planned defeasance of the bonds through the deposit of cash in an escrow fund on Feb. 1, 2017, and the application of our escrow criteria, "Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral." The bonds are due to be redeemed in full at the redemption price of par plus accrued interest on Jan. 1, 2021, the bonds' optional redemption date. The rating reflects our opinion of:...

Summary