Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on San Francisco City&County, Calif.'s series 2003A collateralized single-family mortgage revenue bonds. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates. The rating continues to reflect our view of: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The high credit quality of the Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates, considered to be 'AA+' eligible; The investments held in First American Treasury Obligations Class D Money Market Fund (AAAm); and The 100.56% asset-to-liability ratio as of Jan. 24, 2013. The rating
