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Hacienda Senior Villas L.P., A California Limited Partnership Revenue Bonds 2018 Series C Assigned 'AA+/A-1+' Rating

NEW YORK (S&P Global Ratings) Dec. 6, 2018--S&P Global Ratings today assigned 
its 'AA+/A-1+' rating to Hacienda Senior Villas L.P., a California Limited 
Partnership's $18.725 million taxable variable-rate demand multifamily housing 
revenue bonds (Hacienda Senior Villas Apartments) 2018 series C due Dec. 1, 
2058.

The 'AA+/A-1+' rating on the bonds reflects the higher of our ratings on the 
Federal Home Loan Bank of San Francisco (FHLB SF; 'AA+/A-1+' ), the confirming 
letter of credit (CLOC) provider, and East West Bank (' BBB+/A-2' ), the 
fronting LOC (FLOC) provider, during the weekly interest rate mode (the rated 
mode).

The 'AA+' long-term component of our rating reflects the higher of our 
long-term issuer credit ratings on FHLB SF and East West Bank and addresses 
our expectation for full and timely interest and principal payments when the 
bondholders have not exercised the put option. The 'A-1+' short-term component 
of our rating reflects the higher of our short-term issuer credit ratings on 
FHLB SF and East West Bank and addresses our expectation for full and timely 
interest and principal payments when the bondholders have exercised the put 
option. Although each bank fully supports the bonds' repayment when they are 
in the rated mode, we did not apply our joint-support methodology because FHLB 
SF and its member banks are too highly correlated. (For more information on 
our joint-support methodology, see "Methodology And Assumptions For Rating 
Jointly Supported Financial Obligations," published May 23, 2016.) 

In view of the bond structure, changes to our rating on the bonds can result 
from, among other things, changes to our ratings on the LOC providers or 
amendments to the transaction' s terms. We will maintain a rating on the bonds 
as long as they are in rated mode and the LOCs have not expired or otherwise 
terminated. If either of these conditions changes, we will likely withdraw our 
rating on the bonds.

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