The 'AAA' rating on Southern California Home Financing Authority's Fannie Mae collateralized multifamily housing revenue bonds series 1996 A (Fountains project) has been affirmed. The bonds are secured by a Fannie Mae mortgage pass-through certificate. 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, Investments held in First American Treasury Obligation Fund--Class Y Shares rated 'AAAm', and An asset-to-liability ratio of 100.93% as of Sept. 17, 2004. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of Fannie Mae guaranteed mortgage pass-through certificate, which is 'AAA' eligible under Standard&Poor's
