Standard&Poor's Ratings Services affirmed its 'AA' rating on Los Angeles' (Colorado Terrace Apartments project) series 2002H and 2007H multifamily housing revenue bonds. The outlook is negative. The bonds are secured by a Ginnie Mae mortgage-backed security (MBS). The rating reflects our view of: The sufficiency of mortgage revenues and investment earnings to pay full and timely debt service on the bonds until maturity; The very strong credit quality of the Ginnie Mae MBS, which we consider 'AA+' eligible under our ratings criteria; Investments held pursuant to a guaranteed investment contract (GIC) with CDC Funding Corp., guaranteed by Caisse des Depots et Consignations (AA/Negative); and A 102.02% asset-to-liability position as of May 31, 2015. The bond funds are invested
