Standard&Poor's Ratings Services raised its rating to 'AAA/A-1+' from 'A+/A-1' on Washington State Housing Commission's variable rate demand multifamily revenue bonds, series 2002 A and B, issued on behalf of Vancouver Bridgewood LLC for the Bridgewood at Four Seasons Project. The upgrade is due to the substitution of the existing letter of credit (LOC) provided by Bank of the West with a credit facility provided by Fannie Mae, which will become effective July 30, 2004. The credit facility is sized at principal plus 35 days' interest calculated at the maximum rate on the bonds. Bonds will initially bear interest at a weekly rate, but can be converted to bear interest at a fixed rate. If the bonds convert
