Standard&Poor's Ratings Services has affirmed its 'AA+/A-1+' long-term rating on San Francisco City&County, Calif.'s series 1997A Fannie Mae-collateralized multifamily housing revenue refunding bonds, issued for the City Heights Apartments. On June 18, 2013, we revised the outlook to stable from negative. The outlook revision was based on Standard&Poor's June 10, 2013, outlook revision on its long-term unsolicited sovereign credit rating on the United States of America to stable from negative. (See "United States of America 'AA+/A-1+' Ratings Affirmed; Outlook Revised To Stable On Receding Fiscal Risks", published June 10, 2013, on RatingsDirect.) The 'AA+' long-term component of the rating reflects our opinion of the strong credit quality of the assets and credit support underlying
