Standard&Poor's Ratings Services revised its rating on Southern California Home Financing Authority's single-family mortgage revenue bonds drawdown series 2007-IA and 2007-IB to 'AAA/A-1+' from 'AAA' following an amendment to the investment agreement and issuance of a supplemental trust indenture. The bond proceeds were deposited in the bond escrow fund and invested in an investment agreement with Depfa Bank PLC (A/A-1). The investment agreement is scheduled to expire on March 1, 2011. The bonds will bear interest at a variable rate less than the variable interest rate paid under the investment agreement. Substitution of the investment agreement requires rating confirmation. Following the creation of the supplemental trust indenture bondholders will have the option to tender their bonds upon providing
