Standard&Poor's Ratings Services affirmed its 'BBB-' rating on Los Angeles' series 1999 multifamily housing revenue bonds (Los Altos Apartments Project), based on our view of the project's reliance on short-term market-rate investments. The rating affirmation reflects our view of the following: Debt service coverage (DSC) ranging between 1.012x and 1.29x for the life of the bonds; Strong DSC until bond maturity The high credit quality of the assets consisting of a Fannie Mae pass-through certificate; An asset-to-liability ratio of 101.29% as of June 13, 2013; and Investments held in a 'AAAm' First American Treasury Obligations Class D rated money market fund. Standard&Poor's has assessed the updated financial statements based on the revised criteria for certain Federal
