The 'AAA' rating on the Washington State Housing Finance Commission's multifamily mortgage revenue bonds is affirmed upon the extension of the delivery date of a permanent loan certificate (PLC) from Ginnie Mae to Aug. 15, 2003 from January 15, 2003. To date about $3.9 million construction loan certificates have been delivered to the trustee, paying interest at the mortgage rate of 6.59%. The remaining $200,000 in the acquisition fund is scheduled for delivery by the new PLC extension date. Cash flows illustrate the sufficiency of assets held under the trust indenture to make full and timely payment on the bonds in all circumstances, including a non-origination redemption of all bonds on Sept. 15, 2003 should the PLC not be delivered
