S&P Global Ratings' long-term rating on California Housing Finance Agency's series 2021-1 class A and X certificates is 'BBB+'. The outlook is stable. The class A certificates were issued with a 3.5% fixed rate and have an outstanding par amount of approximately $501.8 million as of Oct. 20, 2023, compared with an original principal balance of $523 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 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
