...S&P Global Ratings lowered its long-term bond ratings to '##-' from '##' on Public Finance Authority (PFA), Wis.' series 2019 student-housing revenue bonds, the proceeds of which were used to finance the construction of student housing on the campus of Nevada State College (NSC), a member of the Nevada System of Higher Education (NSHE). At the same time, we placed the bonds on CreditWatch with negative implications. The downgrade reflects our view that the project's opening occupancy will be significantly lower than anticipated (currently 12% pre-leased compared with projected 75% occupancy), which will have a considerable impact on budgeted rental revenues. In addition, construction of the project has been delayed, with the project now expected to be complete in October 2020, instead of August 2020, which was projected during our last review. The CreditWatch placement reflects our view that occupancy will be very weak in fall 2020, leading to significantly lower-than-projected rental revenues...
