...S&P Global Ratings affirmed its '###+' rating on California Housing Finance Agency's (CalHFA) series 2019-2 class A multifamily mortgage loan passthrough certificates. The outlook is stable. The class A certificates were issued with a 4% fixed rate, with $426.5 million outstanding. Class A certificateholders are entitled to distributions of note principal and accrued interest; an unrated tranche of class B certificates with a par amount of approximately $23.2 million outstanding was also issued. The certificates are secured by 57 first-lien mortgage loans on 57 affordable multifamily properties with a balance of approximately $449.7 million, as of March 2022. The asset-to-liability (A/L) parity ratio of the class A certificates is 105.4%. Due to the unrated class B certificates' first loss position, the holder has a controlling class status (or the directing certificateholder), and will have rights to direct and consult with the master servicer and special servicer, including the right...
