...S&P Global Ratings maintains its '##' rating on Memphis Health, Educational, & Housing Facility Board, Tenn.'s (Global Ministries Fellowship-Serenity Towers LLC) series 2013A and taxable series 2013A-T multifamily housing revenue bonds, issued for the Serenity Towers Apartments project, on CreditWatch, where S&P Global Ratings placed it 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, and the most recent Real Estate Assessment Center (REAC) score provided by the Department of Housing and Development (HUD) as of May 2016. In March 2017, the rating was placed on CreditWatch with negative implications due to a default in the project's loan agreement regarding the maintenance of the project and its REAC score....
