Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Los Angeles, Calif.'s (Western Carlton Apartments Project) multifamily housing revenue refunding bonds series 1999A. The outlook is negative. The bonds are secured by a Fannie Mae pass-through certificate. The rating continues to reflect our view of: 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 extremely high credit quality of the assets consisting of a Fannie Mae pass-through certificate, which we consider 'AA+' eligible under our rating criteria; Investments held in First American Treasury Obligations Class D Money Market Fund (AAAm); and An asset-to-liability ratio of 104.44% as of March 8, 2012. The
