NEW YORK (Standard&Poor's) Jan. 23, 2009--Standard&Poor's Ratings Services has withdrawn its AAA/Watch Neg/A-1+ rating on Southern California Home Financing Authority's single-family mortgage revenue bonds draw down series 2007-IA and 2007-IB following a request from the issuer to remove the rating on these bonds. The bonds were previously enhanced by a DEPFA Bank PLC guaranteed investment contract (GIC) which met Standard&Poor's counterparty criteria enabling the issue to obtain a 'AAA' rating. Following the downgrade of DEPFA, the GIC funds were refunded and the issuer purchased the remaining outstanding bonds.
