Standard&Poor's Ratings Services assigned its 'AAA/A-1+' rating to Portland, Ore.'s variable-rate demand multifamily housing revenue refunding bonds (The Village at Lovejoy Fountain Project) 2009 series E, reflecting the delivery of a Freddie Mac direct-pay credit enhancement agreement at closing. 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 in the variable-rate mode. The bonds may also be converted to the reset or fixed-rate modes. If the bonds convert to the reset rate or the fixed rate mode,
