Summary: H-Bay Ministries Inc., Texas; Affordable Housing

S&P Global Ratings lowered its long-term rating on Capital Trust Agency, Fla.'s series 2018A senior living bonds to 'B+' from 'BB', and its rating on the agency's second-tier 2018B senior living revenue bonds to 'B-' from 'B'. The bonds were issued for H-Bay Ministries Inc., Texas' Superior Residences project in Florida. The outlook is negative. The ratings are no longer under criteria observation. The borrower, H-Bay Ministries Inc., an affiliate of The Emmaus Calling (TEC), initially used the bond proceeds to acquire a pool of five stand-alone senior rental properties under the Superior Residences brand. The Florida-based properties are in Hillsborough, Lake, Citrus, Okaloosa, and Marion counties and consist of 340 assisted living and memory care units. Approximately $52.4 million

...S&P Global Ratings lowered its long-term rating on Capital Trust Agency, Fla.'s series 2018A senior living bonds to 'B+' from '##', and its rating on the agency's second-tier 2018B senior living revenue bonds to 'B-' from 'B'. The bonds were issued for H-Bay Ministries Inc., Texas' Superior Residences project in Florida. The outlook is negative. The ratings are no longer under criteria observation. The borrower, H-Bay Ministries Inc., an affiliate of The Emmaus Calling (TEC), initially used the bond proceeds to acquire a pool of five stand-alone senior rental properties under the Superior Residences brand. The Florida-based properties are in Hillsborough, Lake, Citrus, Okaloosa, and Marion counties and consist of 340 assisted living and memory care units. Approximately $52.4 million is outstanding for the 2018A bonds, and $20 million for the 2018B bonds. There is also a 2018C third-tier tranche outstanding at about $8.7 million, which is not rated....

Summary