The ratings on Southern California Home Finance Authority's bonds are affirmed subsequent to the release to the authority of $67,284 from the negative arbitrage account of the 1994A bonds trust indenture and $55,855 from the negative arbitrage account of the 1994D bonds trust indenture on July 1, 1999. The ratings continue to reflect the high credit quality of the Fannie Mae and GNMA MBS, high quality investments, and sufficiency of cash flows. Fannie Mae receives implied support from the federal government while GNMA receives direct support from the government and therefore, qualifies as 'AAA' eligible collateral under Standard&Poor's rating criteria. The bonds were issued by the authority under separate indentures in 1994 in order to provide funds to
