Standard&Poor's Ratings Services raised to 'AAA/A-1+' from 'A/A-1' and removed from CreditWatch with positive implications its rating on Washington State Housing Finance Commission's variable-rate demand multifamily housing revenue bonds, series 2002 A-B, issued for the Coronado Springs (fka Mallard Lakes) Apartments Project. The action reflects the substitution of a direct-pay LOC from PNC Bank, N.A. with an unconditional and irrevocable direct pay credit facility provided by Fannie Mae, to be effective on Jan. 31, 2006. The Fannie Mae credit facility is sized at principal plus 35 days' interest calculated at the maximum rate of 12% on the bonds. Bonds can bear interest at a daily, weekly, reset, or fixed rate. The credit facility must provide sufficient interest coverage
