Standard&Poor's Ratings Services placed its 'AAA/A-1+' ratings on Southern California Home Financing Authority's single-family mortgage revenue bonds draw-down series 2007-IA and 2007-IB on CreditWatch with negative implications as a result of the downgrade of Depfa Bank PLC to 'BBB+/A-2' from 'A/A-1' and placement of the rating on CreditWatch with negative implications. The issue receives support in the form of guaranteed investment contracts from Depfa Bank PLC. The issuers and/or Depfa are currently deciding what action to take based on the options available under the investment contracts including termination, assignment, guarantee, or collateralization. As information is available, Standard&Poor's will review each rating to determine the impact of the option chosen on cash flows and credit quality.
