Standard&Poor's Ratings Services affirmed its 'A/A-1' rating on Washington State Housing Finance Commission's (Willow Tree Grove Apartments Project) series 2011 variable-rate demand multifamily housing revenue bonds, issued on behalf of Willow Tree Grove LLC. The rating is based on an irrevocable direct-pay letter of credit (LOC) provided by Bank of America N.A. (A/A-1). The LOC is sized at principal plus 35 days' accrued interest calculated at the maximum rate on the bonds (12%). The LOC provides credit and liquidity coverage for all optional and mandatory redemptions and tenders. It is anticipated that the current LOC will be replaced by a substitute credit enhancement agreement provided by Freddie Mac (AA+/A-1+) on Jan. 2, 2013. At that time, it is
