S&P Global Ratings' long-term rating on California Housing Finance Agency's series 2019-2 class A certificates is 'BBB+ (sf)'. The outlook is stable. The class A certificates were issued in December 2019 with a 4% fixed rate and an initial par amount of approximately $441.3 million. As of Oct. 21, 2024, the outstanding par amount was approximately $406.5 million. Class A certificate holders are entitled to distributions of note principal and accrued interest monthly, according to the transaction's documents. The transaction also includes subordinate class B certificates, which were equivalent to 5.4% of the total loans outstanding as of Oct. 21, 2024. Because of the unrated class B certificate's first loss position, the class B holders have a controlling class status
