NEW YORK (S&P Global Ratings) Oct. 6, 2020--S&P Global Ratings lowered its long-term rating to 'AA+(sf)' from 'AAA' on IMPACT Funding LLC Affordable Multifamily Housing Mortgage Loan Trust (IMPACT), Calif.'s commercial mortgage pass-through certificates series 2014-1 class A, class X-A, and class X-FX-1 as well as on the related Freddie Mac structured pass-through certificates series Q-001. In addition, we raised the following long-term ratings in the series 2014-1 trust: 2014-1 class C to 'A+'(sf) from 'A-(sf)'; 2014-1 class D to 'BBB+'(sf) from 'BBB-(sf)'; 2014-1 class E to 'BBB(sf)' from 'BB(sf)'; and 2014-1 class F to 'BB+(sf)' from 'B(sf)'. Finally, we affirmed our 'AA-(sf)' long-term rating on the series 2014-1 class B. The outlook is stable. The rating actions on all
