The 'AAA' rating on San Francisco City and County, Calif.'s single-family mortgage revenue bonds series 1994 has been affirmed. The bonds are secured by Fannie Mae and Ginnie Mae mortgage pass-through certificates. Other rating factors include: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Investments held in First American Treasury Obligation Fund Class D money market fund, rated 'AAAm'; and An asset-to-liability ratio of 108.77% as of March 25, 2004. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of Fannie Mae and Ginnie Mae guaranteed mortgage pass-through certificates, which are 'AAA' eligible under
