S&P Global Ratings lowered its long-term rating to 'AA+(sf)' from 'AAA' on IMPACT Funding LLC Affordable Multifamily Housing Mortgage Loan Trust (IMPACT), Calif.'s commercial mortgage pass-through certificates series 2014-1 class A, class X-A and class X-FX-1 certificates as well as on the related Freddie Mac structured pass-through certificates (SPCs) series Q-001 certificates. In addition, we raised the following long-term ratings in the series 2014-1 trust: 2014-1 class C from 'A-(sf)' to 'A+(sf)'; 2014-1 class D from 'BBB-(sf)' to 'BBB+(sf)'; 2014-1 class E from 'BB(sf)' to 'BBB(sf)'; and 2014-1 class F from 'B(sf)' to 'BB+(sf)'. Finally, we affirmed our 'AA-(sf)' long-term rating on class B. The outlook is stable. The class G, R-I, R-II, and Q certificates and junior subordinate IO
