The rating on Southern California Home Financing Authority's bonds is lowered and removed from CreditWatch where it was placed on Oct. 21, 1999. The downgrade reflects the similar downgrade of Morgan Guaranty Trust Co. of New York (rated 'AA/A-1+'), which provides credit support for this issue in the form of guaranteed investment contracts. Other rating factors are: A strong asset pool consisting of Fannie Mae and GNMA MBS ('AAA' eligible collateral); 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 in 'AA' rated Morgan Guaranty Trust Co. of New York; and An asset-to-liability ratio of 106.55% as of Dec. 13, 1999. The rating reflects
