...June 23, 2023 SAN FRANCISCO (S&P Global Ratings) June 23, 2023--S&P Global Ratings assigned its '##' long-term rating to the California Housing Finance Agency's (CalHFA) $98.3 million affordable housing revenue bonds, 2023 series A-1 and A-2 (collectively, the 2023 series A bonds). The outlook is stable. Proceeds from the 2023 series A bonds will be used to refinance the agency's previous financing of six permanent mortgage loans for multifamily rental housing developments totaling more than 600 units throughout Northern California, and to pay certain related costs. "The rating reflects our view of such factors as the program's legal framework, management and operational risk assessment, overcollateralization and cash flows, liquidity reserves, and market position characteristics," said S&P Global Ratings credit analyst Aulii Limtiaco. The stable outlook reflects our view of the program's high asset-to-liability parity, which can withstand our '###' projected loss levels despite a high...
