Standard&Poor's Ratings Services affirmed its 'AA+' rating on Los Angeles, Calif.'s Fannie Mae collateralized multifamily housing bonds, series 1997C (Earthquake Rehabilitation Project). The bonds are secured by Fannie Mae passthrough certificates. The outlook is stable. The rating continues to reflect our views of: The very strong asset quality securing the bonds, consisting of Fannie Mae passthrough certificates, which are 'AA+' eligible under Standard&Poor's rating criteria; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The ability to cover reinvestment risk based on the 30-day minimum notice period required for special redemptions, if the security prepays; Funds invested in a guaranteed investment
