Summary: Capital Trust Agency, Florida H-Bay Ministries, Inc., Texas; Affordable Housing

S&P Global Ratings lowered its long-term rating on Capital Trust Agency, Fla.'s series 2018 A-1 and 2018A-2 (taxable) senior living bonds to 'BBB(sf)' from 'A-(sf)', and the agency's second-tier 2018B senior living revenue bonds to 'BBB-(sf)' from 'BBB(sf)', issued for H-Bay Ministries, Inc., Texas' Superior Residences project. The outlook for all ratings is stable. The downgrades follow a revision in our view of the project's strategy and management to adequate from strong, which reflects our updated understanding of owner The Emmaus Calling, Inc.'s (TEC) track record, strategic planning process, and operational effectiveness. The ratings reflect our opinion of the project's: First-mortgage lien and pledge of all revenue from the Superior Residences project, which includes five senior-living properties and a total

...S&P Global Ratings lowered its long-term rating on Capital Trust Agency, Fla.'s series 2018 A-1 and 2018A-2 (taxable) senior living bonds to '###(sf)' from 'A-(sf)', and the agency's second-tier 2018B senior living revenue bonds to '###-(sf)' from '###(sf)', issued for H-Bay Ministries, Inc., Texas' Superior Residences project. The outlook for all ratings is stable. The downgrades follow a revision in our view of the project's strategy and management to adequate from strong, which reflects our updated understanding of owner The Emmaus Calling, Inc.'s (TEC) track record, strategic planning process, and operational effectiveness. The ratings reflect our opinion of the project's: + First-mortgage lien and pledge of all 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 (AL) and memory care needs; + Above-average asset quality, in our view, as assessed through curb appeal, low levels...

Summary