Standard&Poor's Ratings Services affirmed its AAA/A-1+ rating on San Francisco City And County, Calif.'s housing revenue refunding bonds (City Heights Apartments) series 1997A. The 'AAA' long-term component of the rating reflects the strong credit quality of the assets and credit support underlying the issue. The bonds are backed by mortgage loan that is secured by a Fannie Mae collateral agreement. The 'A-1+' short-term component of the rating represents the likelihood of payment for mandatory and optional tenders. The rating reflects our view of the following: The extremely high credit quality, of the Fannie Mae collateral agreement; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds
