Summary: Arizona Industrial Development Authority; Multifamily Whole Loan

S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BBB' rating on Arizona Industrial Development Authority's (AZIDA) 2019-2 Class A and Class X certificates. The outlook revision reflects the delinquency and special servicing status of one loan in the pool, which constitutes 5.7% of the pool loan balance. The proceeds of the certificates were used by AZIDA to purchase 20 first-lien mortgage loans with a balance of approximately $312.7 million on 30 affordable multifamily rental housing properties (the mortgage collateral) from Citibank N.A., the seller and originator, and deposited with U.S. Bank, the trustee, pursuant to the trust agreement. The class A certificates were issued with a 3.625% fixed rate and have a par amount of

...S&P Global Ratings revised its outlook to negative from stable and affirmed its '###' rating on Arizona Industrial Development Authority's (AZIDA) 2019-2 Class A and Class X certificates. The outlook revision reflects the delinquency and special servicing status of one loan in the pool, which constitutes 5.7% of the pool loan balance. The proceeds of the certificates were used by AZIDA to purchase 20 first-lien mortgage loans with a balance of approximately $312.7 million on 30 affordable multifamily rental housing properties (the mortgage collateral) from Citibank N.A., the seller and originator, and deposited with U.S. Bank, the trustee, pursuant to the trust agreement. The class A certificates were issued with a 3.625% fixed rate and have a par amount of $305.2 million as of April 2021. Class A certificate holders are entitled to distributions of note principal and accrued interest. The class X certificates only receive interest distributions equal to the underlying loan weighted-average...

Summary