S&P Global Ratings' long-term rating on Washington State Housing Finance Commission's (WSHFC) series 2021-1 class A and class X multifamily mortgage loan pass-through certificates is 'BBB+(sf)'. The outlook is stable. The class A certificates were issued with a 3.5% fixed rate, with $542.6 million outstanding as of Oct. 21, 2024, compared with an original balance of $571.6 million. Class A certificate holders are entitled to distributions of note principal and accrued interest, while 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 certificate balance of the class A certificates
