S&P Global Ratings raised its long-term rating on National Finance Authority, N.H.'s series 2020-1 class A bonds to 'BBB+' (sf) from 'BBB' (sf). The outlook is stable. The upgrade reflects the improving asset-to-liability (A/L) parity ratio and loan performance, resulting in an improved coverage and liquidity assessment for the transaction. The class A certificates were issued in January 2020, with a 4.125% fixed rate and an initial par amount of approximately $454.8 million. As of Dec. 20, 2024, the par amount outstanding was approximately $420.3 million. Class A certificate holders are entitled to distributions of note principal and accrued interest monthly, according to the transaction's documents. The transaction also includes subordinate class B certificates, which were equivalent to 5.9% of
