The rating on Washington State Housing Finance Commission's bonds reflects: The high credit quality and performance of the mortgage collateral; Sufficiency of reserves; The high quality of investments; and Sufficiency of assets over liabilities. All series are stand-alone issues backed by FNMA or GNMA certificates. Series 1991B, 1991C, 1991D, 1991E, 1992B-2, 1992C-2, and 1992D-2 are secured by FNMA and GNMA MBS. Series 1988A, 1988B, 1990A, and 1990B are secured by GNMA MBS. All resolutions are performing well, as assets exceed liabilities by 2%-10%, and all have shown an increase in asset-to-liability parity over the last five years. All investments are with 'AAA' providers.
