NEW YORK (Standard&Poor's CreditWire) June 16, 1999-- Standard&Poor's today assigned its triple-'A' rating to Portland, Ore.'s $12.73 million multifamily housing revenue bonds (Center Commons) series 1999. The bonds are expected to sell July 1, 1999. The rating on the bonds reflects: -- Extremely strong credit enhancement of the mortgage backing the bonds through a Fannie Mae MBS guarantee; -- Triple-'A'-rated investments; and -- Cash flows evidencing the full and timely payment of debt service and program fees. Upon closing on the bonds, proceeds will be used to fund a $12.725 million mortgage for a 228-unit rental housing project in Portland. The mortgage will be backed by a collateral agreement from Fannie Mae, which is triple-'A'-eligible based
