The 'AAA' rating on San Francisco City and County, Calif.'s single-family mortgage revenue bonds series 2003A has been affirmed. The bonds are secured by Fannie Mae 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, and An asset-to-liability ratio of 100.05% as of March 13, 2006. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of Fannie Mae pass-through certificates, which are 'AAA' eligible under Standard&Poor's Ratings Services rating criteria. Due to the monthly pass-through structure of the bonds there is no minimum notice period for special
