S&P Global Ratings' long-term rating on Arizona Industrial Development Authority's (AZIDA) series 2019-2 class A and class X certificates is 'BBB'. Our long-term rating on the series 2019-2 class X interest-only certificates is based on a borrowing of our "Global Methodology For Rating Interest-Only Securities" criteria (interest-only criteria), published April 15, 2010, on RatingsDirect. The outlook is stable. The certificates were originally issued in 2019 by AZIDA. The certificates are secured by 20 first-lien mortgage loans on 30 affordable multifamily rental housing properties (the mortgage collateral) from Citi Community Capital, the seller and originator. The loans were deposited with the U.S. Bank, the trustee, pursuant to the trust agreement. As of June 2024, there were $268.59 million in certificates outstanding.
