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 bonds series 1998A and 1998B. 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; Investments held pursuant to a GIC with Nataxis Funding Corp. guaranteed by Caisse des Depots et Consignations (AA+); and An asset-to-liability ratio of 120.83% as of Dec. 2, 2011. The rating also reflects the sovereign rating on the U.S. (AA+/Negative). Should the
