Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Southern California Home Finance Authority's single-family housing revenue bonds, released, series 2009A-1. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities. The rating continues to reflect our view of the following: The extremely high credit quality of the Ginnie Mae mortgage-backed securities, which we consider to be '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 100.62% as of May 23, 2012. The rating also reflects the sovereign rating on the United States ('AA+/negative'). Should
