Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Southern California Home Finance Authority (HFA)'s single-family housing revenue bonds, released series 2009A-1, issued under its New Issue Bond Program (NIBP) indenture. The outlook is negative. The rating reflects our opinion of: The very high quality of assets supporting the bonds, consisting of Ginnie Mae mortgage-backed certificates (MBS) and reserves; Investments that are commensurate with the rating on the bonds; Sufficiency of revenues to pay debt service and fees when due; and The rating on the U.S. The rating also reflects the sovereign rating on the U.S. (AA+/Negative). Should the rating on the U.S. be upgraded to 'AAA' and the bond program meet all criteria commensurate with an 'AAA'
