S&P Global Ratings' long-term rating on California Housing Finance Agency's series 2021-3 class A and X certificates is 'BBB'. The outlook is stable. The class A certificates were issued with a 3.25% fixed rate and have an outstanding par amount of approximately $339.4 million as of Sept. 20, 2023. Class A certificate holders are entitled to distributions of note principal and accrued interest. The class X certificate holders will only receive interest distributions equal to the underlying loan weighted-average rate less fixed expenses and the 3.25% class A fixed rate. The notional amount of the class X certificates will be equal to the certificate balance of the class A certificates at all times, but will not have a principal balance
