Summary: Washington State Housing Finance Commission, 55th Avenue Apartments LLC; Freddie Mac Direct Pay

Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Washington State Housing Finance Commission's series 2011A and 2011B multifamily housing revenue bonds (55th Avenue Apartment Projects) issued on behalf of 55th Avenue Apartments LLC. The rating is on CreditWatch with negative implications, which reflects the CreditWatch listing placed on the U.S. and U.S. Financial Institution government-related entities (see "United States of America 'AAA/A-1+' Ratings Placed On CreditWatch Negative On Rising Risk Of Policy Stalemate," published July 14, 2011, on RatingsDirect on the Global Credit Portal). The rating reflects the delivery of a Freddie Mac direct-pay credit enhancement agreement. Freddie Mac is 'AAA' eligible, based on its relationship with the federal government. The credit enhancement agreement provides credit coverage

...Standard & Poor's Ratings Services assigned its '###' long-term rating to Washington State Housing Finance Commission's series 2011A and 2011B multifamily housing revenue bonds (55th Avenue Apartment Projects) issued on behalf of 55th Avenue Apartments LLC. The rating is on CreditWatch with negative implications, which reflects the CreditWatch listing placed on the U.S. and U.S. Financial Institution government-related entities (see "United States of America '###/A-1+' Ratings Placed On CreditWatch Negative On Rising Risk Of Policy Stalemate," published July 14, 2011, on RatingsDirect on the Global Credit Portal). The rating reflects the delivery of a Freddie Mac direct-pay credit enhancement agreement. Freddie Mac is '###' eligible, based on its relationship with the federal government. The credit enhancement agreement provides credit coverage of principal and interest due on the bonds. The bonds will bear interest in the fixed-rate mode only and will remain in this mode until maturity....

Summary