Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' on Washington State Housing Finance Commission's series 2004A and 2004B variable-rate demand multifamily revenue bonds, issued on behalf of the Merrill Gardens at Queen Anne project. The rating is based on a letter of credit (LOC) provided by Bank of America NA. The LOC provides for principal of, and interest on, the bonds for regularly scheduled debt service payments, as well as coverage for the purchase price of unremarketed tendered bonds for a maximum of 37 days' interest at a maximum interest rate of 12%. The obligor intends to substitute the current LOC with a Federal National Mortgage Assn. (FNMA) direct-pay credit and liquidity facility on or around Sept. 2, 2008. At
