...May 10, 2023 NEW YORK (S&P Global Ratings) May 10, 2023--S&P Global Ratings assigned its '###' long-term rating to California Housing Finance Agency's series 2023-1 class A and X municipal certificates. The outlook is stable. The class X rating reflects the application of our borrowing of the "Global Methodology For Rating Interest-Only Securities" criteria, published April 15, 2010, on RatingsDirect. For the interest-only tranche (class X), we assign a rating equal to the principal paying class (class A), given the structure of the transaction, in which the interest-only class and the principal-paying class are pari passu. "The rating reflects our view of the certificates being secured by 11 first-mortgage loans and one bond on 15 affordable multifamily rental housing properties containing 1901 units," said S&P Global Ratings credit analyst Raymond Kim. "All of the properties participate in the U.S. Low Income Housing Tax Credit program, while five of the loans are for properties that...
