S&P Global Ratings assigned its 'AA' rating to California Housing Finance Agency 's (CalHFA) series 2025A affordable housing revenue bonds, with an expected par amount of $157.04 million. The outlook is stable. The 2025A bonds are limited obligations of CalHFA, payable solely from and secured by the revenue and assets pledged under the indenture. The bonds are the second series being issued under the indenture and will be secured on a parity with and will be entitled to the same benefit and security as other bonds to be issued under the indenture. Proceeds from the series 2025A bonds will be used to refinance the agency's previous financing of five permanent mortgage loans (2025 series A mortgage loans) for multifamily rental
