Standard&Poor's Ratings Services lowered its rating on Los Angeles' series 1994A variable-rate demand multifamily housing revenue bonds to 'A+/A-1' from 'AA+/A-1+'. The lowering of the rating reflects a new standby letter of credit (LOC) provided by JPMorgan Chase Bank N.A. (A+/A-1), substituting a prior bank facility provided by Federal Home Loan Bank of San Francisco (AA+/A-1+). The LOC, which is scheduled to expire on June 30, 2026, unless terminated beforehand pursuant to its terms, covers the purchase price of the tendered but unremarketed bonds, as well as all principal and up to 45 days' interest at the maximum 12% rate. The LOC will enhance the bonds while they bear interest in daily-rate mode, and the bonds are subject
