S&P Global Ratings raised its long-term rating on California Housing Finance Agency's series 2023-1 class A and class X multifamily mortgage loan pass-through social certificates to 'BBB+ (sf)' from 'BBB (sf)'. The outlook is stable. The upgrade reflects the improved loan portfolio performance for fiscal 2023 compared with the initial rating data from fiscal 2022, resulting in an improved coverage and liquidity assessment for the transaction. The class A certificates were be issued with a 4.375% fixed rate and had a par amount of approximately $275.4 million as of May 2024. 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
