Summary: Washington State Housing Finance Commission; Letter Of Credit

Standard&Poor's Ratings Services lowered the long-term component of its rating on Washington State Housing Finance Commission's (Deer Run West Apartments project) series 2004A and 2004B variable-rate demand multifamily housing revenue bonds one notch to 'A' from 'A+'. The short-term component of the rating remains at 'A-1'. This action follows Standard&Poor's Sept. 17, 2015, lowering of its long-term rating on Mizuho Bank Ltd., the letter of credit (LOC) provider for the above-mentioned bonds, to 'A' from 'A+'. (For more information, see, "Ratings On 12 Japanese Financial Entities And One Foreign Subsidiary Bank Lowered Following Downgrade Of Japan", published Sept. 18, 2015, on RatingsDirect.) As mentioned, the 2004A and 2004B bonds receive an enhancement in the form of

...Standard & Poor's Ratings Services lowered the long-term component of its rating on Washington State Housing Finance Commission's (Deer Run West Apartments project) series 2004A and 2004B variable-rate demand multifamily housing revenue bonds one notch to 'A' from 'A+'. The short-term component of the rating remains at 'A-1'. This action follows Standard & Poor's Sept. 17, 2015, lowering of its long-term rating on Mizuho Bank Ltd., the letter of credit (LOC) provider for the above-mentioned bonds, to 'A' from 'A+'. (For more information, see, "Ratings On 12 Japanese Financial Entities And One Foreign Subsidiary Bank Lowered Following Downgrade Of Japan", published Sept. 18, 2015, on RatingsDirect.) As mentioned, the 2004A and 2004B bonds receive an enhancement in the form of a LOC from Mizuho Bank Ltd. The long-term and short-term components of the rating on the bonds are therefore based on the ratings on Mizuho Bank Ltd. In Standard & Poor's view of the bonds' structures, changes to the...

Summary