The ratings on Washington State Housing Finance Commission's debt reflect: * The high credit quality and performance of the mortgage collateral, * Sufficiency of reserves, * Quality of investments, and * Sufficient assets over liabilities. Series 1985A and 1993A are stand-alone issues backed by mortgages insured by the Federal Housing Administration under Section 221 (d) 4. In addition to the mortgage loans, the debt service reserve fund and other reserves help support the bonds. Credit shortfalls are covered through excess assets over liabilities. The series 1985A debt service reserve fund is invested with Chemical (A). The issues maintain its 'A+' rating based on the limited magnitude of the investment in conjunction with the commission's oversight. All investments under the 1993
