The 'AAA' rating on Washington State Housing Finance Commission's single-family mortgage bonds series 1991 D and 1991E are affirmed following a partial sale of the Ginnie Mae assets backing the bonds. The rating continues to reflect: The extremely high credit quality of the Ginnie Mae and Fannie Mae MBS, Investments with AIG ('AAA') for float funds, and Cash flow sufficiency. Current interest bonds under this issue will be optionally redeemed on July 1, 2002 from proceeds of the asset sale. The commission has retained a sufficient amount of MBS and cash assets to back remaining bond liabilities, which consist of capital appreciation bonds. The sufficiency of assets to repay remaining bonds is evidenced in cash flow scenarios that were modeled
