The 'AAA/A-1+' rating on Oceanside (Lake ridge Apartments Project), Calif.'s multifamily housing revenue refunding bonds series 1994 has been affirmed. The 'AAA' component of the rating reflects the strong credit quality of the assets and credit support underlying the issue. The bonds are backed by a mortgage loan that is secured by a Freddie Mac collateral agreement, which is 'AAA' eligible under Standard&Poor's Ratings Services rating criteria. The 'AAA' component of the rating reflects the likelihood bondholders will receive payments of debt service. The 'A-1+' component of the rating reflects the likelihood of payment for ongoing optional and mandatory tenders. Other rating factors include: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay
