S&P Global Ratings assigned its 'BBB' (sf) long-term rating to the Washington State Housing Finance Commission's (WSHFC) approximately $328 million series 2023-1 class A and class X approximately $36 million municipal certificates (social certificates). The outlook is stable. Class A certificate holders are entitled to distributions of note principal and accrued interest with a fixed rate of 3.375%. The class X certificate holders will only receive interest distributions equal to the underlying loan weighted-average rate less fixed expenses and the 3.375% 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 therefore not be
