S&P Global Ratings raised its long-term rating on the Washington State Housing Finance Commission's (WSHFC) series 2023-1 class A and X municipal certificates (social certificates) to 'BBB+(sf)' from 'BBB(sf)'. The upgrade reflects the improved loan portfolio performance for fiscal 2023, resulting in an improved coverage and liquidity assessment for the transaction. 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
