Standard&Poor's Ratings Services removed its 'AAA' rating on San Francisco City and County, Calif.'s single-family mortgage revenue bonds (Ginnie Mae and Fannie Mae mortgage-backed securities) series 2003A from CreditWatch with negative implications. At the same time, the rating was affirmed. On May 12, 2010, it was included in a rating action where we placed certain housing issues on CreditWatch with negative implications due to revised methodology for certain Federal Government-Enhanced housing transactions. Standard&Poor's received information that this issue pays monthly; therefore, in our opinion, the issue is not reliant on the fluctuations in investment earnings. USPF Criteria: Single-Family Mortgage-Backed Securities Programs, June 13, 2007
