S&P Global Ratings raised its issuer credit rating (ICR) to 'AA' from 'AA-' on the California Housing Finance Agency (CalHFA, or the agency). The outlook is stable. The rating action reflects our view of CalHFA's significant improvement in financial ratios over the past two fiscal years, to levels above those of peers, as well as its significant reduction in leverage and risk. An ICR reflects our view of the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments as they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. The rating reflects our
