Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Portland, Ore.'s series 1999 multifamily housing revenue bonds, issued for the Center Commons project. The bonds are secured by a Fannie Mae pass-through certificate. The outlook is negative. The rating reflects our view of: The high credit quality of the Fannie Mae pass-through certificate, which we consider 'AA+' eligible under our rating criteria; 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 strong investment quality; and The 103.28% asset-to-liability ratio as of Aug. 7, 2013. The rating also reflects the sovereign rating on the U.S. (AA+/Stable). Should the rating on the U.S. be
