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 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 Fannie Mae pass-through certificate, which we consider to be 'AA+' eligible under our rating criteria; Investments held pursuant to a guaranteed investment contract (GIC) with CDC Funding Corp., which is guaranteed by Caisse des Depots et Consignations (CDC; AA/Negative); and An asset-to-liability position of 104.16% as of March
