Standard&Poor's Ratings Services has affirmed its 'AAA' rating on Portland, Ore.'s, multifamily housing revenue bonds (Collins Circle Apartments) series 1998, and removed the rating from CreditWatch with negative implications, where it had been placed May 12, 2010. The bonds are secured by a Fannie Mae mortgage-backed security. The rating reflects our view of the following: The extremely high credit quality of the Fannie Mae mortgage-backed security, which we consider to be 'AAA' eligible, 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 101.5% Standard&Poor's placed the ratings on certain housing issues, including
