Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Los Angeles, Calif.'s single-family mortgage revenue bonds series 2003A. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates. The ratings reflect our opinion of: The high quality of assets supporting the bonds consisting of Ginnie Mae mortgage-backed certificates and Fannie Mae pass-through certificates, which we consider to be 'AA+' 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; Strong investment quality; and An asset-to-liability ratio of 379.83% as of May 1, 2012. The rating also reflects the sovereign rating on the
