S&P Global Ratings affirmed its 'AAA (sf)' ratings on Impact Funding Affordable Multifamily Housing Mortgage Loan Trust's 2014-1 class A-1, A-2, A-3, X-A, and X-FX1 multifamily mortgage loan pass-through certificates; its 'AA- (sf)' rating on the class B certificates; its 'A- (sf)' rating on the class C certificates; its 'BBB- (sf)' rating on the class D certificates; its 'BB (sf)' rating on the class E certificates; and its 'B (sf)' rating on the class F certificates. The outlook is stable. The transaction exhibits the following strengths: The certificates have very strong credit support from the subordinate classes of certificates, which provide coverage for potential loan losses should any mortgage loan defaults occur. The certificates are secured by a pledge of
