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

S&P Global Ratings raised its rating on Memphis Health, Educational,&Housing Facility Board, Tenn.'s series 2010 multifamily housing revenue bonds, issued for Global Ministries Fellowship's Goodwill Village apartments project, 15 notches to 'AA+' from 'CCC+'. The outlook is stable. The rating action reflects our opinion of the planned bond defeasance through the deposit of cash into an escrow fund on Sept. 13, 2018, from a property sale. The bonds are due to be refunded in full at the redemption price of par plus accrued interest on Dec. 1, 2020. The rating reflects our opinion of the project's: Sufficient collateral and interest earnings to pay principal and interest on all bonds through redemption on Dec. 1, 2020; Very high-quality investments,

...S&P Global Ratings raised its rating on Memphis Health, Educational, & Housing Facility Board, Tenn.'s series 2010 multifamily housing revenue bonds, issued for Global Ministries Fellowship's Goodwill Village apartments project, 15 notches to '##+' from '###+'. The outlook is stable. The rating action reflects our opinion of the planned bond defeasance through the deposit of cash into an escrow fund on Sept. 13, 2018, from a property sale. The bonds are due to be refunded in full at the redemption price of par plus accrued interest on Dec. 1, 2020. The rating reflects our opinion of the project's: + Sufficient collateral and interest earnings to pay principal and interest on all bonds through redemption on Dec. 1, 2020; + Very high-quality investments, including obligations of the U.S. government or 'AAAm'-rated money market funds--The investment portfolio solely includes direct obligations of the U.S. government; + Sufficient investment provisions to ensure timely disbursement for all...

Summary