The 'AAA/A-1+' rating on Washington State Housing Finance Commission's multifamily housing revenue bonds reflects extremely strong credit enhancement and liquidity support for the bonds through a Fannie Mae direct pay credit facility. Upon bond closing Fannie Mae will provide a direct pay credit enhancement facility. Under this structure, the trustee is instructed to draw on Fannie Mae one day prior to each bond interest payment date; hence there is no lag. The credit facility also covers payments necessary to purchase tendered bonds resulting from a failed remarketing. The credit facility will expire five days following bond maturity unless terminated earlier pursuant to its terms. Any substitution of a credit facility results in a mandatory tender of bonds and may only
