The rating on Washington State Housing and Finance Commission's 2000A bonds reflects: Extremely strong collateral consisting of a GNMA permanent loan certificate (PLC) to be delivered by April 15, 2000, and 'AAA' rated investments; Coverage of all credit shortfalls and liquidity shortfalls—negative arbitrage, the 30-day payment lag, reinvestment risk, and payment of GNMA accrued interest—from bankruptcy-proof funds on deposit with the trustee; and Cash flows demonstrating sufficient investment earnings and mortgage revenues passed-through under the GNMA security to make all scheduled debt service payments and pay all required fees and expenses. The rating on the series 1993A bonds is affirmed based on extremely strong coverage provided through a Fannie Mae collateral agreement. Bond proceeds from series 2000A are being issued
