Summary: Washington State Housing Finance Commission; Freddie Mac Direct Pay

S&P Global Ratings raised the long-term rating component on Washington State Housing Finance Commission's series 2009 variable-rate demand multifamily housing refunding revenue bonds, issued for Lake City Senior Housing Associates L.P.'s Lake City senior apartments project, one notch to 'AAA/A-1+' from 'AA+/A-1+'. The outlook is stable. The rating action reflects our view of the planned bond defeasance through the deposit of cash into an escrow fund on Dec. 16, 2019, and the application of our escrow criteria, titled "Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral," published Nov. 30, 2012, on RatingsDirect. Based on the project's impending sale, Lake City Senior Housing Associates will enter into a defeasance that will change the debt's structure

...S&P Global Ratings raised the long-term rating component on Washington State Housing Finance Commission's series 2009 variable-rate demand multifamily housing refunding revenue bonds, issued for Lake City Senior Housing Associates L.P.'s Lake City senior apartments project, one notch to '###/A-1+' from '##+/A-1+'. The outlook is stable. The rating action reflects our view of the planned bond defeasance through the deposit of cash into an escrow fund on Dec. 16, 2019, and the application of our escrow criteria, titled "Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral," published Nov. 30, 2012, on RatingsDirect. Based on the project's impending sale, Lake City Senior Housing Associates will enter into a defeasance that will change the debt's structure and security to funds held in escrow from Freddie Mac direct pay, originally assessed under our criteria, titled "Ginnie Mae, Fannie Mae, And Freddie Mac Multifamily Securities," published June...

Summary