The rating on Washington State Housing Finance Commission's variable-rate multifamily revenue bonds series 1999A, issued on behalf of the Mill Pointe Apartments Project, is affirmed based on a direct-pay LOC provided by US Bank National Association ('AA+/A-1+'). The LOC provides coverage of regularly scheduled bond principal and interest payments as well as all optional and mandatory tenders as provided under the bond documents. The amount of coverage provided by the LOC equals the outstanding principal amount of bonds plus 45 days of interest at the maximum bond rate of 10%. It is anticipated that the current LOC will be replaced by a substitute credit facility provided by Freddie Mac ('AAA/A-1+') on the effective date of June 1, 2007. At that
