Standard&Poor's Ratings Services affirmed its 'AAA' rating on City of Portland, Ore.'s multifamily housing revenue bonds, series 1999 (Center Commons Project). The bonds are secured by a Fannie Mae pass-through certificate. The rating reflects our view of the following: The extremely high credit quality of the Fannie Mae pass-thru certificate, considered to be 'AAA' eligible under the Standard&Poor's 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; Extremely strong investment quality; and An asset-to-liability ratio of 102.17% as of Jan. 19, 2010. The rating reflects the strong credit quality of the assets and credit support underlying the issue. Investments
