S&P Global Ratings' long-term rating on National Finance Authority's (N.H.) series 2022-1 class A and X certificates is 'BBB'. The outlook is stable. The class A certificates were issued with a 4.375% fixed rate with a par amount of approximately $309.8 million as of April 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 4% 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 and will
