Standard&Poor's Ratings Services affirmed its 'AA+' rating on Los Angeles, Calif.'s series 2003D multifamily housing revenue bonds, issued for the Broadway Plaza Project. The bonds are backed by a mortgage loan that is secured by a Ginnie Mae collateral. The outlook is stable. The rating reflects our view of: Assets consisting of a mortgage loan that is secured by a Ginnie Mae collateral agreement, which we consider 'AA+' eligible under our 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; Extremely strong investment quality; and An asset-to-liability ratio of 101.5% as of July 11, 2013. The rating reflects the sovereign rating
