The long-term 'AA-' rating on Southern California Housing Finance Authority's (SCHFA) single-family mortgage revenue bonds, series 2004A, and the underlying rating (SPUR) of 'AA-' on California Housing Finance Agency's (CalHFA) home mortgage revenue bonds, series 2004B, reflect credit factors associated with CalHFA's consolidated home mortgage revenue bond (HMRB) program, including: The high credit quality and continued strength and performance of the single-family mortgage loans, High-quality investments, Resiliency of consolidated cash flow projections, and CalHFA's status as a "top-tier" state housing finance agency. The 'A-1+' short-term rating on series 2004A is based on an SBPA from Fannie Mae ('A-1+'). The 'AAA' long-term rating on series 2004B reflects bond insurance from MBIA Insurance Corp., Inc. ('AAA'). SCHFA is issuing series 2004A and
