Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Washington State Housing Finance Commission's multifamily housing revenue bonds series 2011. 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 15, 2011, on RatingsDirect on the Global Credit Portal). Bond proceeds will finance a mortgage loan for the acquisition, rehabilitation, and construction of a multifamily property titled Vintage at Tacoma Apartments. The rating reflects an irrevocable Fannie Mae stand-by credit enhancement facility delivered to the trustee for the benefit of bondholders securing regularly scheduled principal and
