Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Los Angeles, Calif.'s series 1999T (GNMA collateralized - L'Canon Club Apartments) multifamily housing revenue bonds. The outlook is negative. The bonds are secured by a Ginnie Mae mortgage-backed security. The rating reflects our view of the following: The high credit quality of the Ginnie Mae mortgage-backed security, which we consider to be 'AA+' eligible; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Extremely strong investment quality; and An asset-to-liability ratio of 101.67% as of April 19, 2013. The rating also reflects the sovereign rating on the United States. Should the sovereign rating on
