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

S&P Global Ratings lowered its rating on Capital Trust Agency, Fla.'s series 2018A and second-tier series 2018B senior living bonds to 'D' from 'CC'. The bonds were issued on behalf of the borrower, H-Bay Ministries Inc., Texas, for the Superior Residences project in Florida. The 'D' rating reflects payment default on the bonds. According to a notice posted on EMMA on July 2, 2021, the trustee did not receive the required amounts from the borrower in June. Specifically, the notice states the bond funds for the series A, B, and C bonds do not hold sufficient money to make the payments of principal and interest due to bondholders on July 1, 2021. On July 6, 2021, we confirmed with the

...S&P Global Ratings lowered its rating on Capital Trust Agency, Fla.'s series 2018A and second-tier series 2018B senior living bonds to 'D' from '##'. The bonds were issued on behalf of the borrower, H-Bay Ministries Inc., Texas, for the Superior Residences project in Florida. The 'D' rating reflects payment default on the bonds. According to a notice posted on EMMA on July 2, 2021, the trustee did not receive the required amounts from the borrower in June. Specifically, the notice states the bond funds for the series A, B, and C bonds do not hold sufficient money to make the payments of principal and interest due to bondholders on July 1, 2021. On July 6, 2021, we confirmed with the trustee that no debt service payment was made to bondholders of any class in conjunction with the July 1 payment date. As stated in our report when we lowered the rating to '##', published June 30, 2021, on RatingsDirect, failure to make full payment on the rated bonds on any due date will result in the rating...

Summary