The 'AAA' ratings on Washington State Housing Finance Commission's single-family mortgage bonds, series 1991 C,D, and E are affirmed following a partial sale of the GNMA assets backing the bonds. The rating continues to reflect: The extremely high credit quality of the GNMA and Fannie Mae mortgage-backed securities (MBS); Investments with AIG ('AAA') for float funds; and Cash flow sufficiency. Some of the bonds under these issues will be optionally redeemed on July 1, 2001 from proceeds of the asset sale. The commission has retained a sufficient amount of MBS and cash assets to back remaining bond liabilities under both bond issues. The sufficiency of assets to repay remaining bonds is evidenced in cash flow scenarios that were modeled under
