The rating on Washington State Housing Finance Commission's variable-rate demand multifamily housing revenue bonds series 2004 A-B, issued on behalf of the Deer Run West Apartments Project, is affirmed based on a direct-pay LOC provided by Bank of America ('AA+/A-1+'). The LOC provides coverage of regularly scheduled bond principal and interest payments as well as all optional and mandatory tenders as provided under the bond documents. The amount of coverage provided by the LOC equals the outstanding principal amount of bonds plus 34 days of interest at the maximum bond rate of 12%. It is anticipated that the current LOC will be replaced by a substitute credit facility provided by Wachovia Bank NA ('AA/A-1+') effective June 15, 2007. At that
