Standard&Poor's Ratings Services affirmed its 'BBB-' long-term rating on Los Angeles, Calif.'s (Los Altos Apartments Project) multifamily housing revenue bonds series 1999N and 1999O, based on our view of the project's reliance on short-term market rate investments. The rating reflects our view of the following: Debt service coverage ranging between 1.012x and 1.22x for the life of the bonds; Strong debt service coverage until bond maturity; The high credit quality of the assets consisting of a Fannie Mae pass-through certificate; An asset-to-liability ratio of 101.12% as of May 14, 2012; and Investments held in First American Treasury Obligations Class D rated money market fund (AAAm). Standard&Poor's has assessed updated financial statements based on the revised criteria
