S&P Global Ratings placed its 'AA' long-term rating on the Massachusetts Development Finance Agency's series 2003 Bay Village Apartments bonds on CreditWatch with negative implications. The CreditWatch placement follows repeated attempts to source information regarding where the funds supporting the project are held. The 'AA' rating was based on the rating of the previous guaranteed investment contract (GIC) provider Ixis Funding Corp. However, the GIC contract expired on Dec. 30, 2016. We require updated information on whether the funds are still in a GIC, and if so, information about where they are held and the new provider to determine if the provider is of lesser credit quality. These changes could result in negative rating action. Further failed attempts to acquire
