Newer journals often don't have impact factors because they don't have enough articles. And this can sometimes happen in odd ways. For example, the Transactions of the American Mathematical Society bifurcated into two pieces, where Part A is subscription journal that publishes as both print and electronic and is free to authors, while Part B is an open access electronic only journal that has a one-time author fee (although currently the AMS is waiving that fee for AMS members). However, the rating "agencies" view Part B of the Transactions as a separate new journal, despite the fact that authors don't have to choose until their paper is accepted whether to publish in A or B. That means that the open access Transactions Part B doesn't (or at least didn't last time I checked) have an impact factor, because it hasn't published enough articles yet. That may change soon, but it will also mean that the "open access Transactions Part B" will have an impact factor calculated using only the articles that appear in Part B. Whether that will lead to a larger or smaller impact factor than the regular Part A Transactions remains to be seen.