S&P Global Ratings lowered the following long-term ratings on bonds issued on behalf of Global Ministries Fellowship (GMF), Tenn., a nonprofit corporation that develops and operates affordable housing: 'B-' from 'BB-' on Alabama Housing LLC's bonds, 'CCC+' from 'B-' on Peace Lake Towers' bonds, 'CCC' from 'CCC+' on Serenity Towers LLC's bonds, and 'CCC' from 'CCC+' on Stonekey LLC's bonds. The rating actions 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 scores issued by the U.S. Department of Housing and Urban Development. At the same time, we affirmed the following ratings: 'BB' rating on
