Standard & Poor's Ratings Services removed its 'AA+' long-term rating on Los Angeles, Calif.'s single-family mortgage revenue bonds series 2001A-1 and 2001A-2 from CreditWatch with negative implications where it was placed on Sept. 14, 2011. At the same time, Standard & Poor's affirmed its 'AA+' long-term rating on the bonds. The outlook is negative. The bonds are secured by Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates.
"The rating action is due to a lack of information provided by the issuer," said Standard & Poor's credit analyst Renee J. Berson.
The rating reflects our view of the high credit quality of the Ginnie Mae mortgage-backed securities and Fannie Mae pass-through certificates, sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity, strong investment quality, and an asset-to-liability ratio of 110.61% as of June 30, 2011.
Media Contact:
Ola Fadahunsi, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Renee J Berson, New York (1) 212-438-7966
Stephanie Morgan, New York 212-438-5141