Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Los Angeles, Calif.'s multifamily housing revenue bonds series 2002H and 2007H. The outlook is negative. The bonds are secured by a Ginnie Mae mortgage-backed security. 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; Investments held pursuant to a guaranteed investment contract with CDC Funding Corp., which is guaranteed by Caisse des Depots et Consignations; and An asset-to-liability ratio of 101.85% as of March 1, 2013. The rating also reflects the sovereign rating on the United States (AA+/Negative). Should the sovereign rating on the United States
