...NEW YORK (Standard & Poor's) May 4, 2015--Standard & Poor's Ratings Services today affirmed its 'A-1+' short-term rating on Los Angeles variable-rate demand multifamily housing revenue bonds series 1997D (the bonds) (for the Mission Village Terrace Apartments Project). At the same time, we withdrew our '##+' long-term rating on the bonds. The rating actions follow the defeasance of the bonds, which are scheduled to be redeemed on June 1, 2015. The short-term 'A-1+' rating on the bonds reflects our opinion that the cash held under the indenture terms is sufficient to make full and timely interest and principal payments when the series 1997D bondholders have exercised their put option. It also reflects the June 1, 2015, redemption date. In view of the defeased bond structure, changes to our short-term rating on the defeased bonds can result from, among other things, amendments to the transaction's terms. We expect to withdraw our short-term rating on the defeased bonds on the redemption date....
