The 'AAA' rating on the Washington State Housing Finance Commission's multifamily housing mortgage revenue bonds has been affirmed on the extension of the delivery date of a permanent loan certificate (PLC) from Ginnie Mae to Nov. 15, 2003 from Aug. 15, 2003. To date, about $3.90 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 nonorigination redemption of all bonds on Dec. 1, 2003, should the PLC not
