Standard&Poor's Ratings Services revised its rating to 'AAA/A-1+' from 'AA+/A-1+' on Washington State Housing Finance Commission's variable rate multifamily revenue bonds, series 1999A, issued on behalf of the Mill Pointe Apartments Project, reflecting the substitution of a Freddie Mac direct pay credit enhancement agreement for the existing LOC provided by U.S. Bank National Association ('AA+/A-1+'). Freddie Mac is 'AAA' eligible, based on its relationship with the federal government. The credit enhancement agreement will provide credit coverage of principal and interest due on the bonds and liquidity coverage in the event of a failed remarketing of the bonds. The credit facility is sized at principal plus 35 days' interest calculated at the maximum rate of 12% on the bonds
