Standard&Poor's Ratings Services affirmed its 'AA' long-term rating on Nevada Housing Division's (Orchard Club Apartments) series 2000A multi-unit housing revenue bonds. The bonds are backed by a mortgage loan that is secured by a standby credit enhancement facility provided by Fannie Mae. The outlook is negative. The rating reflects our view of the following: The sufficiency of mortgage revenue and investment earnings to pay full and timely debt service on the bonds until maturity; The very strong credit quality of the standby credit enhancement facility provided by Fannie Mae, which we consider to be 'AA+' eligible under our rating criteria Investments held pursuant to a guaranteed investment contract (GIC) with Natixis, which is guaranteed by Caisse des Depots
