Standard&Poor's Ratings Services has affirmed its 'AA+' long-term rating on the city of Los Angeles, Calif.'s single-family home mortgage revenue (mortgage-backed securities program) bonds series 1999A. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates. The rating reflects our view of the following: The strong credit quality of the Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates, 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; Strong investment quality; and An asset-to-liability ratio of 142.18% as of March 8, 2012. The rating also reflects the sovereign
