Standard&Poor's Ratings Services placed its rating on Washington State Housing Finance Commission's variable-rate demand multifamily housing revenue bonds (Deer Run West Apartments Project) series 2004 A and B on CreditWatch with negative implicatons. This action follows Standard&Poor's placement of Wachovia Bank N.A. on CreditWatch with negative implications. The long-term and short-term components of the rating are based on Wachovia Bank N.A. USPF Criteria: "LOC-Backed Municipal Debt," July 2, 2007