Standard&Poor's Ratings Services affirmed its 'A' 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). The rating is also removed from CreditWatch, where it was placed with developing implications on July 14, 2014. The outlook is stable. The CreditWatch placement was due to the pending application of our revised criteria, "Rating Methodology and Assumptions for Affordable Multifamily Housing Bonds", published June 19, 2014, on RatingsDirect. The rating reflects our view of these strengths: Strong management and ownership from GMF-Preservation of Affordability Corp. (GMF-PAC); Strong property management from LEDIC Management Group; The high 91% project occupancy as of May
