...S&P Global Ratings has assigned its 'A-(sf)' rating to Capital Trust Agency, Fla.'s series 2018 A-1 and series 2018A-2 (taxable) senior living bonds and its '###(sf)' rating to the agency's second-tier 2018B senior living revenue bonds, issued for H-Bay Ministries, Inc., Texas' Superior Residences project. The outlook for all ratings is stable. At the same time, the agency is issuing third-tier series 2018C senior living revenue bonds, which we have not rated. The ratings reflect our opinion of the project's: + First-mortgage lien and pledge of all project revenue from the Superior Residences project, which includes five senior living properties and a total of 445 rentable beds for various stages of assisted living and memory care needs; + Above-average asset quality, in our view, reflecting our visit to three of the five properties in May 2018 and a transaction structure that requires approximately $1 million in funds to be spent on capital improvements in the first year following the...
