Moody's Investors Service (Moody's) on Thursday assigned a provisional (P)Aa1 rating to the proposed [€205 million] senior secured bonds due [2039] (the Bonds) to be issued by CRRH West Africa Impact Affordable Housing Trust 2022 (the Issuer) and guaranteed by the U.S. International Development Finance Corporation, an agency of the United States Government (United States of America, Government of, Aaa stable). The outlook is stable.

The proceeds from the issuance of the Bonds will be used by the Issuer to advance a loan (the CRRH Loan) to La Caisse Régionale de Refinancement Hypothécaire de l'UEMOA (CRRH-UEMOA, negative Ba2) under a loan agreement (the CRRH Loan Agreement) to enable CRRH-UEMOA to provide secured credit facilities to its member banks.s to provide secured credit facilities to its member banks to enable them to finance newly created or refinanced family-owned asset-backed mortgage loans.In addition, the proceeds of the CRRH-UEMOA loan will be used to finance new or refinanced family asset-backed mortgages on residential properties located in the West African Economic and Monetary Union. In addition, the proceeds of the FRC loan will be used to fund certain reserves and transaction fees and expenses related to the bills.

The Issuer is a Delaware statutory special purpose trust. The covenants of the Notes restrict the Issuer's business solely to the issuance of the Notes and the financing of the CRRH Loan; entering into and performing its obligations under the Transaction Documents; or as may be necessary and appropriate to accomplish the foregoing.