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Capital Trust Agency Global Ministries Fellowship; Section 8
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to Capital Trust Agency's (Global Ministries Fellowship - TM Alexander Apartments Project) multifamily housing revenue bonds series 2011A and taxable series 2011A-T. The outlook is stable. The rating reflects our opinion of: A first mortgage lien and a pledge of all project revenues from the TM Alexander Apartments to the bondholders; A pledge of revenue to the bondholders from a HUD Section 8 Housing Assistance Payment (HAP) contract through the term of the contract, which expires Nov. 3, 2011, and the pledge of anticipated renewal contracts with HUD extending the life of the bonds upon the expiration of the existing contract for the benefit of the bondholders; Projected debt service...
Companies mentioned in this report are: Global Ministries Fellowship (GMF),Capital Trust Agency
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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