Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Los Angeles, Calif.'s single-family mortgage revenue bonds series 2001A-1 and 2001A-2. The outlook is negative. Ginnie Mae mortgage-backed securities and Fannie Mae pass-through secures the bonds. The rating reflects our view of the following: The high credit quality of the Ginnie Mae mortgage-backed securities and Fannie Mae pass-through, which we consider to be 'AA+' eligible under our rating criteria; The sufficiency of revenues from mortgage debt service payments to pay full and timely debt service on the bonds until maturity; Strong investment quality; and Asset/Liability is 108.40% as of June 19, 2012. The rating also reflects the sovereign rating on the U.S. (AA+/Negative). Should the sovereign rating be upgraded
