S&P: Trinity Affordable Housing Corp., IL 'BB+' (sf) Revenue Bond Rating Remains On CreditWatch Negative Pending Audited Data

S&P Global Ratings said today its 'BB+' (sf) long-term rating on Public Finance Authority, Wis.' multifamily housing revenue bonds (Trinity Affordable Section 8 Assisted Apartments Project), series 2015 A and 2015 A-T, remains on CreditWatch with negative implications.

We originally placed the rating on CreditWatch due to, in our view, the material change in performance of the pool of properties, mainly caused by one property, Northeast View. A significant decline in the financial performance of this one property has led to a decline in the pool's asset quality and operating performance.

"The CreditWatch extension reflects our view of the anticipated sale of the properties within the CreditWatch period, given the conditional purchase and sale agreements executed in August 2017, and the poor asset quality as well as operating, performance, and maintenance issues at one of the five properties, which have dragged down the financial performance of the entire pool," said S&P Global Ratings credit analyst Aulii Limtiaco.

We have not yet received fiscal 2017 audited financial information for the project; however, we expect to receive the fiscal 2017 audit within this CreditWatch period. At that time, we will conduct an additional review of the project rating. Lower-than-anticipated debt service coverage that is below fiscal 2016 levels, or higher-than-expected operating expenses based on 2017 audited financial information, would lead us to lower the rating, especially if the pending sale does not take place.
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