OREANDA-NEWS. S&P Global Ratings assigned its 'A-' rating to Public Finance Authority, Wis.' multifamily housing revenue bonds (SAP Utah Portfolio), series 2016A and 2016 A-T, issued on behalf of Southeast Affordable Preservation Inc. (SAP), Calif. for the SAP Utah Portfolio Project. The outlook is stable.

"The rating reflects our view of the strong governmental support, very strong strategy and management from the project owner, very strong operating performance, and adequate financial performance," said S&P Global Ratings credit analyst Jose Cruz.

The bonds are being issued to finance the acquisition and rehabilitation of four multifamily rental housing properties, all owned by SAP. The properties, with a total of 312 units, are Fellowship Manor, Golden Link Manor, and Three Link Tower (all located in Ogden, Utah), as well as IOOF Tower (located in South Salt Lake City).