Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on San Francisco City&County, Calif.'s collateralized single-family mortgage revenue bonds series 2003A. 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: Investments held in First American Treasury Obligations Class D Money Market Fund (AAAm); and An asset-to-liability ratio of 100.03% as of March 9, 2012. The rating also reflects the sovereign rating on the United States (AA+/Negative). Should the sovereign rating on the United States be upgraded
