The 'AAA' rating on Southern California Home Financing Authority's single-family mortgage revenue bonds is affirmed upon extension of the acquisition date for $10.9 million in the non-target account to May 1, 2001 from Nov. 1, 2000. In addition, $4 million from the program account will be transferred to redeem bonds on Dec. 1, 2000, in accordance with the trust indenture. Cash flow projections modeled in connection with the issuance comply with Standard&Poor's rating criteria for 'AAA' rated single-family transactions. The scenarios indicate that assets and revenues are sufficient, in all cases, to pay full and timely debt service plus fees through final bond maturity. The commission capitalized interest at bond closing to cover programmatic shortfalls, including the 30-day
