California Municipal Finance Authority; Multifamily Whole Loan

S&P Global Ratings assigned its 'AA- (sf)' long-term rating to the California Municipal Finance Authority (CMFA)'s approximately $340.2 million series 2025-1 class A-1 municipal certificates and its 'BBB (sf)' long-term rating to CMFA's approximately $69.9 million series 2025-1 class A-2 municipal certificates. The outlook is stable. The certificates will be tax-exempt and secured by a first deed of trust and first-priority assignment of leases and rents from the properties within the loan portfolio. Principal and interest received on the loans will pass through to make payments on the certificates with class A-2 certificates in a first-loss subordinate position to the class A-1 certificates. The authority will also be issuing approximately $13.8 million subordinate class B certificates as part of the

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