CreditWatch Extended On PF Holdings LLC, WI 'BB' And 'BB-' Ratings On Anticipated Audited Financials

CENTENNIAL (S&P Global Ratings) Aug. 26, 2019--S&P Global Ratings has extended the CreditWatch, with negative implications, on its 'BB' and 'BB-' long-term ratings on Public Finance Authority, Wis.' series 2016A and 2016B multifamily housing revenue bonds, respectively, issued for PF Holdings LLC's Estates at Crystal Bay Apartments and Woodhaven Park Apartments Project.
We are extending our CreditWatch an additional 30 days following notification that the fiscal 2018 audited financials will soon be available. The initial CreditWatch action followed our inability to obtain timely information of satisfactory quality to maintain the rating on the bonds in accordance with our applicable criteria and policies (for example, see "How Quality And Timeliness Of Information Are Incorporated Into U.S. Public Finance's Rating Process" published Oct. 25, 2016 on RatingsDirect.) PF Holdings Management LLC has not yet provided audited financial 2018 information, nor has it disclosed such information on EMMA (Electronic Municipal Market Access). We understand that this is notwithstanding its continuing disclosure commitments under SEC Rule 15c2-12. Accordingly, we are unable to verify the net cash flow of the project, a figure we rely on to calculate debt service coverage on the series 2016 bonds under our criteria (for more information, see "Rating Methodology And Assumptions For Affordable Multifamily Housing Bonds").
Our continued inability to obtain the requested information within 30 days will likely result in our suspension of the affected ratings, preceded, in accordance with our policies, by any change to the ratings that we consider appropriate given available information. However, if we receive information that we consider sufficient and of satisfactory quality within this 30-day period, we will conduct a review and take appropriate rating action.
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