Standard&Poor's Ratings Services assigned its 'AAA' rating to Washington State Housing Finance Commission's (Lake City Way Apartments Project) multifamily housing revenue bonds series 2009. 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 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 will be sized at 205 days until the first interest payment date of July 1, 2010; it will then be reduced to 189 days' interest calculated at the maximum rate of the bonds. The bonds will
