...S&P Global Ratings revised its outlook to stable from negative and affirmed its '###' rating on Capital Trust Agency, Fla.'s series 2018 A multifamily housing revenue bonds (Coral Gardens Apartments Project), issued on behalf of the borrower, NV Homestead Apartments Ltd. The outlook revision reflects improved S&P Global Ratings' calculated debt service coverage (DSC) to above at least 1.10x over the past two fiscal years 2020 and 2021, trust estate accounts that have been funded in a full and timely manner according to transaction documents, and favorable financial performance in fiscal 2022, as evidenced by year-to-date information through April 2022. While we continue to believe that the transaction exhibits credit qualities commensurate with the '###' rating category, including being currently vulnerable to nonpayment and dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation, in our view the transaction's...
