Summary: Southern California Home Fin Auth; Housing, Single Family Multiple MBS Oct 03

Standard & Poors, October 2003

Abstract
The 'AAA' rating on Southern California Home Finance Authority's single-family mortgage bonds series 2000B-1B and 2000B-TB has been affirmed. The rating continues to reflect: Assets consisting of Ginnie Mae mortgage-backed securities; payments on which are backed by the full faith and credit of the U.S.; Sufficiency of revenues on the Ginnie Mae payments and investment earnings to pay full and timely debt service on the bonds until maturity; The quality of permitted investments; and An asset-to-liability ratio of 104.11% as of Oct. 6, 2003. The rating reflects the strong credit quality of the assets and credit support underlying the issue. The assets consist of Ginnie Mae guaranteed mortgage pass-through certificates, which guarantee timely payment of principal and interest on the...

Companies mentioned in this report are: Southern California Home Fin Auth
Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Southern California Home Fin Auth

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