The rating on Southern California Home Financing Authority, Calif.'s bonds reflects: GNMA and Fannie Mae pass-through certificates; 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 according to a guaranteed investment contract with 'AAA' rated American International Group (AIG); and An asset-to-liability ratio of 101.49% as of Jan. 25, 2000. The bonds are secured by GNMA and Fannie Mae MBS. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of GNMA and Fannie Mae mortgage pass-through certificates and investments held according to a guaranteed investment contract with 'AAA' rated AIG. Both GNMA and
