S&P Global Ratings assigned its 'BBB' long-term rating to California Housing Finance Agency's series 2023-1 class A and class X multifamily mortgage loan pass-through social certificates. The outlook is stable. The class A certificates will be issued with a 4.375% fixed rate and a planned par amount of approximately $277.3 million. Class A certificate holders are entitled to distributions of note principal and accrued interest. The class X certificate holders will only receive interest distributions equal to the underlying loan weighted-average rate less fixed expenses and the 4.375% class A fixed rate. The notional amount of the class X certificates will be equal to the certificate balance of the class A certificates at all times, but class X certificate holders
