S&P Global Ratings' issuer credit rating (ICR) on the California Housing Finance Agency (CalHFA, or the agency) is 'AA'. The outlook is stable. An ICR reflects our view of the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments as they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. The rating reflects our view of CalHFA's: Financial strength as measured by nearly $3.1 billion in equity, with a five-year average equity-to-assets ratio of 64.2% and net equity-to-assets ratio of 49.2%, which we view as above average relative to those of peers; Above-average
