The 'AAA/A-1+' rating on Washington State Housing Finance Commission's variable-rate demand multifamily housing refunding revenue bonds series 2009, issued on behalf of Lake City Senior Apartments, reflects the delivery of a Freddie Mac (AAA/A-1+) direct-pay credit enhancement agreement. The credit enhancement agreement will provide credit coverage of principal and interest due on the bonds and liquidity coverage in the event of a failed remarketing of the bonds. The credit facility is sized at principal plus 35 days' interest calculated at the maximum rate of 12% on the bonds in the weekly rate mode. Bonds may also be converted to the reset or fixed rate mode. If the bonds convert to the reset rate or the fixed rate mode, Freddie Mac
