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Capital Trust Agency, FL (Civic Towers Apartments Project, Series 2011A, 2011A-T); Section 8 Nov 11
Standard & Poors, Nov 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to Capital Trust Agency's (Global Ministries Fellowship - Civic Towers Apartments Project) $17,620,000 multifamily housing revenue bonds series 2011A and $650,000 taxable series 2011A-T. The outlook is stable. The rating reflects our opinion of the following strengths: A first mortgage lien and a pledge of all project revenues from the Civic Towers Apartments to the bondholders; A pledge of revenue to the bondholders from a Department of Housing and Urban Development (HUD) Section 8 Housing Assistance Payment (HAP) contract through the term of the current contract, which expires Jan. 1, 2014, and the pledge to bondholders of anticipated renewal contracts with HUD under the Multifamily Assisted Housing and Reform Act...
Companies mentioned in this report are: Global Ministries Fellowship,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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