S&P Global Ratings affirmed its 'BBB+' rating on Washington State Housing Finance Corporation's (WSHFC) series 2021-1 class A and class X multifamily mortgage loan pass-through certificates. The outlook is stable. The certificates are backed by a portfolio of 28 loans on 30 affordable multifamily properties. The class A certificates were issued with a 3.5% fixed rate, with $565.2 million outstanding as of March 15, 2022. 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 3.5% class A fixed rate. The notional amount of the class X certificates will be equal to the
