S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BBB' rating on Arizona Industrial Development Authority's (AZIDA) 2019-2 Class A and Class X certificates. The outlook revision reflects our view of the portfolio's improved performance, including one loan that is no longer in special servicing. The class X rating reflects the application of our borrowing of the "Global Methodology For Rating Interest-Only Securities" criteria, published April 15, 2010, on RatingsDirect. The certificates are backed by a portfolio of 20 first lien mortgage loans on 30 affordable multifamily properties. 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
