Standard&Poor's Ratings Services affirmed its 'AA' rating on Los Angeles' (L'Canon Club Apartments) series 1999T multifamily housing revenue bonds. The bonds are collateralized by a Ginnie Mae mortgage-backed security. The outlook is stable. The rating reflects 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; The very strong credit quality of the Ginnie Mae mortgage-backed security, which we consider 'AA+' eligible under our rating criteria; The investments held pursuant to a guaranteed investment contract (GIC) provided by IXIS Funding Corp.; and The 101.80% asset-to-liability ratio as of Feb. 18, 2014. The bond fund is invested with IXIS Funding Corp., guaranteed
