NEW YORK (Standard&Poor's) Sept. 2, 2009--Standard&Poor's Ratings Services placed its 'AAA' rating on San Francisco City and County, Calif.'s collateralized single-family bonds series 1994 on CreditWatch with negative implications. Information received from the trustee, U.S. Bank N.A., indicates that as of Aug. 10, 2009, the trustee held assets of $1.10 million consisting of $1,091,684 in mortgage-backed securities and $5,933.10 in other reserves. The outstanding liabilities consist of $1.12 million in term bonds earning 6.46% plus accrued interest of $1,809, resulting in an asset-to-liability ratio of 97.84%. Standard&Poor's is currently working with the issuer and trustee to determine what caused this to occur and how this will be resolved. RELATED RESEARCH USPF Criteria: "Single-Family Mortgage-Backed
