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MEMPHIS, Tenn. –S&P Global Ratings (formerly Standard & Poors) has downgraded several Global Ministries bonds for the second time this year.

The agency lowered ratings on 23 bonds including those for Goodwill Village, Serenity Towers and Madison Towers in Memphis.

This comes after S&P conducted a full review on GMF’s 2014 and 2015 financial statements along with its housing portfolio.

GMF’s bonds were placed on CreditWatch in February.

The bonds have been removed from CreditWatch and placed on a “negative” outlook.

A ratings analyst said based on their review, the events at Warren and Tulane weren’t “isolated.”

The report read, “We believe there’s a heightened risk that HUD could decline the renewal of, or even terminate one or more of GMF’s Section 8 HAP contracts besides Warren and Tulane.”

S&P also said GMF’s financial position will likely get worse considering the need for substantial repairs at so many complexes.

The ratings agency conducted its own site review at several GMF properties and noted poor conditions at a number of locations.

Just last week, the bank that serves as the trustee for bondholders filed a lawsuit against the non-profit in federal court.

Senator Marco Rubio visited GMF’s troubled Eureka Gardens in Jacksonville, Florida and called for a criminal investigation.