Summary: Health, Educational&Housing Facility Board of Memphis, Tennessee Global Ministries Fellowship; Section 8

S&P Global Ratings raised its rating to 'AA+ (sf)' from 'CCC+ (sf)' on Memphis Health, Educational&Housing Facility Board, Tenn.'s series 2011 multifamily housing revenue bonds, issued for GMF-Madison Tower LLC (GMF), Tenn. The outlook is stable. The rating action reflects our view of the planned defeasance of the bonds through the deposit of cash in an escrow fund on Dec. 19, 2018, and the application of our escrow criteria, "Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral" (published May 31, 2012, on RatingsDirect). Based on the impending sale of the project, GMF will enter into a defeasance that will change the structure and security of the debt from rental revenue, originally assessed under our "Rating

...S&P Global Ratings raised its rating to '##+ (sf)' from '###+ (sf)' on Memphis Health, Educational & Housing Facility Board, Tenn.'s series 2011 multifamily housing revenue bonds, issued for GMF-Madison Tower LLC (GMF), Tenn. The outlook is stable. The rating action reflects our view of the planned defeasance of the bonds through the deposit of cash in an escrow fund on Dec. 19, 2018, and the application of our escrow criteria, "Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral" (published May 31, 2012, on RatingsDirect). Based on the impending sale of the project, GMF will enter into a defeasance that will change the structure and security of the debt from rental revenue, originally assessed under our "Rating Methodology And Assumptions For Affordable Multifamily Housing Bonds" criteria (published June 19, 2014), to funds held in escrow. The bonds are due to be redeemed in full at the redemption price of par plus accrued interest on June 1, 2021, the bonds' optional redemption...

Summary