S&P Global Ratings lowered the following long-term ratings on bonds issued for Global Ministries Fellowship (GMF), Tenn., a nonprofit corporation that develops and operates affordable housing: 'CCC' from 'B-' on Alabama Housing LLC's bonds; 'CCC' from 'BB-' on Indiana 4 LLC's bonds; 'CCC' from 'CCC+' on Forest Cove LLC's bonds; and 'CCC' from 'CCC+' on Peace Lake Towers' bonds. At the same time, we affirmed the following ratings: 'CCC' on Serenity Towers LLC's bonds; and 'CCC' on Stonekey LLC's bonds The outlook is negative. The downgrades reflect our view of the continued decline in either the financial or physical condition, or both, of these credits as reported in the most recent audited financial statements available and Real Estate Assessment Center
