S&P Global Ratings today said its 'BB' rating on Health, Educational, and Housing Facility Board of Memphis, Tenn.'s (Serenity Towers) series 2013A and taxable series 2013A-T multifamily housing revenue bonds, issued for Global Ministries Fellowship (GMF), remains on CreditWatch with negative implications. In January 2017, we lowered our assessment of the portfolio's strategy and management to poor, reflecting the owner's ongoing issues with maintaining and managing its Section 8 properties. We updated our analysis of these projects using the most recent audited financial statements available (Fiscal Year 2015), and the most recent Real Estate Assessment Center (REAC) score provided by HUD as of May 2016. In March 2017, the rating was placed on negative watch due to a default in
