S&P Global Ratings assigned its 'AA-' (sf) long-term rating to the National Finance Authority (NFA), N.H.'s approximately $205.6 million series 2024-4 class A-CA California municipal certificates (social certificates) and 'BBB' (sf) long-term rating to NFA's approximately $43.6 million series 2024-4 class B-CA (subordinate) California municipal certificates (social certificates). The outlook is stable. The class A-CA 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 the class B-CA certificates in a first loss subordinate position to the class A-CA certificates. The certificates will be secured 12 first-mortgage
