Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Los Angeles, Calif.'s (Park Plaza West Senior Apartments Project) multifamily housing revenue bonds series 2001B and 2001C. The outlook is negative. The bonds are secured by 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 100.43% as of March 7, 2012. The rating also reflects the sovereign rating on the Unites States (AA+/Negative). Should the sovereign rating
