Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Los Angeles' series 1998A and 1998B single-family home mortgage revenue bonds. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates. 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; The investments held pursuant to a guaranteed investment contract (GIC) with Nataxis Funding Corp. guaranteed by Caisse des Depots et Consignations; and The 126.70% asset-to-liability ratio as of April 19, 2013. The rating also reflects the sovereign rating on the U.S. (AA+/Negative). Should the rating on the U.S.
