The 'AAA' rating on White Bear Lake, Minn.'s FHA-insured multifamily refunding bonds (Lake Square Partners Project) series 1996A has been affirmed. The bonds are secured by a mortgage loan, which is insured under section 221 (d)4 of the National Housing Act. The rating continues to reflect: The credit quality of the FHA insured mortgage loan collateral; An adjusted asset-to-liability position of 102.73% as of Oct. 15, 2005; Investments held pursuant to a guaranteed investment contract with Berkshire Hathaway ('AAA') and in First American Treasury Obligations Fund ('AAAm'); and Sufficiency of assets and revenues to pay debt service and expenses. The bonds were issued to refund a prior bond issue. Lake Square Apartments is an 89-unit apartment project located in White
