S&P Global Ratings' long-term rating on National Finance Authority's (N.H.) series 2020-1 class A certificates is 'BBB'. The outlook is stable. The class A certificates were issued in January 2020 with a 4.125% fixed rate and an initial par amount of approximately $454.8 million. As of July 20, 2023, the outstanding par amount was approximately $445.1 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 6.1% of the total loans outstanding as of July 20, 2023. Because of the unrated class B certificate's first loss position, the class B holders have a controlling class status (or
