Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Southern California Home Finance Authority's series 2009A-1 single-family housing revenue bonds. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities (MBS). The rating reflects our view of the following: The extremely high credit quality of the Ginnie Mae MBS, which we consider 'AA+' eligible under our rating criteria; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Extremely strong investment quality; and An asset-to-liability ratio of 101.11% as of May 15, 2013. The rating also reflects our sovereign rating on the U. S. (AA+/Negative). Should we raise the sovereign rating
