S&P Global Ratings today said its 'BB' rating on the 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, where it was placed with negative implications on March 6, 2017. 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 2015), and the most recent Real Estate Assessment Center (REAC) score provided by the Department of Housing and Development (HUD) as of May 2016. In
