The rating on Washington Street Housing Finance Commission, Wash.'s bonds is based on a collateral agreement provided by the Fannie Mae (FNMA). FNMA is providing credit and liquidity support for this transaction. FNMA is a U.S. government sponsored agency whose paying ability is rated `AAA' by Standard&Poor's. The series 1997 bonds will finance acquisition and rehabilitation of Anchor Village Apartments Project. The project is a residential apartment complex of 301 units located in Mukilteo, Wash. The `AAA' rating represents the likelihood bondholders will receive payments of debt service. The `A-1+' represents the likelihood of payment for mandatory and optional tenders. This transaction will be issued in weekly variable rate mode. During this period the interest rate is adjusted
